Eyes turn to Mongolia for commodities rush
Following a $3 billion investment agreement made for a copper-gold mine last year, and the recent tender for $10 billion of infrastructure investment, Mongolia seems to be the new land of opportunity, but there are risks. Alex Davis reports
As mining majors line up to invest in Mongolia, it seems as if the country is about to play host to a race in what could turn out to be a gold, copper and coal rush.
The riches that lie under Mongolian soil are vast. Alongside the deposits of 3,000 tonnes of gold and 45 million tonnes of copper, it is estimated that Mongolian reserves of coal are as much as 152 billion tonnes, with current proven reserves of 22.3 billion tonnes. Only the US, Pakistan and Russia have larger coal reserves.
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