Genx Resource Corporation, Inc.

URANIUM PRICE CHART

The country's trade has been heavily influenced by economic developments in China and Russia. In 2004, Mongolia's total trade increased by 31.6% to $1.86 billion. Because of high global metal market prices, the value of exports increased by 38.5% to $853.3 million. Owing to an increased demand for agricultural products, the value of imports increased by 26.3% to $1.01 billion. The value of metal and mineral exports and imports accounted for about 57.5% of the country's total trade value. Mongolia exported nearly all its output of copper concentrates and molybdenum concentrates to China and fluorspar was shipped to Japan and Russia. Petroleum and petroleum products remained the leading imported commodities followed by textiles and flour. Mineral exports from Mongolia were expected to increase in the next couple of years. A copper smelter and a zinc plant were scheduled to be put into operation in 2005 and 2006, respectively. China and Russia were Mongolia's two major trading partners. China accounted for 47.8% of Mongolia's total export value, and the United States 17.9%. Russia was Mongolia's leading exporter; it accounted for 33.3% of the total imported value followed by China with 25.1% (Ministry of Industry and Trade, 2005).

The leading mining operation in Mongolia, Erdenet Mining Corp., maintained its mining output of more than 25 million metric tons per year (Mt/yr) of ore and produced concentrates that contained more than 130,000 metric tons (t) of copper and 1,500 t of molybdenum. Because of the decline in the average ore grade, the output of copper and molybdenum in concentrates decreased to 130,000 t and 1,141 t, respectively. Erdenet (49% shares) and Samsung Corp. of the Republic of Korea (51% shares) formed a joint-venture to build a 25,000-metric-ton-per-year (t/yr) copper cathode plant that would use Outokumpu's solvent extraction-electrowinning technology at Erdenet. Capital investment was estimated to be $70 million. The construction of the plant began in 2004 and was scheduled to start production in 2005. Outokumpu Group of Finland signed a memorandum of understanding (MOU)

Lake in Mongolia

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