A golden opportunity in Mongolia

The Mongolian parliament's approval in August of several mining and tax laws will lead to the signing of a long-awaited final investment agreement for the world’s biggest undeveloped copper and gold deposit "as soon as possible," said Minister of Mineral Resources and Energy Dashdorj Zorigt on September 9.

As well as making it possible for international mining companies Ivanhoe Mines and Rio Tinto to end a six-year wait to develop the Oyu Tolgoi deposit, this agreement is also likely to pave the way for other companies to exploit Mongolia’s rich trove of mineral resources. Mongolia has some of the world's largest deposits of copper, gold and uranium, as well as abundant resources of coal and other minerals. Its location, between China and Russia, in the past contributed to its isolation, but now means it has two of the world’s largest markets on its doorstep. Today, its two neighbors consume around 60% of Mongolia’s exports.

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