Head for the Steppes

Mongolia, man. That’s where it’s at. 
Big money movers predict that the land of yaks and Khans will turn serious cash in the next few years. In fact, it’s already begun. 

$1.3 trillion

Private firms estimate around $1.3 trillion worth of untapped precious earthen minerals lie below the tundra. Think: gold, oil, natural gas, and the world’s largest untapped copper deposit, near the Chinese border. All in a country about the size of Tampa, FL or Baltimore, MD. One report says there are 6,000 known deposits, but only 27 percent of that natural bounty has been surveyed. The International Monetary Fund predicts almost 12 percent growth in the GDP this year, on top of last year’s 12 percent bump. 
But it’s not all so rosy. There’s inflation, and corruption, to start – says investment bank ResCap . Then there’s the trouble with siphoning off water for mining in one of the world’s driest countries, not to mention the massive income inequality that comes from living in a country with volatile export pricing. 
So will Mongolia be the next international economic superstar, like Oman? 
Woman walking between tents towards the camera during the day
The Tsankhi section of the Tavan Tolgoi coal deposit in South Gobi, Mongolia
Further proof – can China, Armani, and KFC all be wrong? China buys 90 percent of Mongolian coal – and that appetite isn’t slowing anytime soon. Plus, deep-pocketed global retailers have been opening up shop in the capital city of UlanBaatar. With one of the lowest population densities in the world — one person for about every square mile, or 1.6 km — there’s room out there for the next big mineral rush. 
So will Mongolia be the next international economic superstar, like Oman? In the past decade there household incomes rose almost 84 percent, car ownership became almost universal and the government invested heavily in job creation and welfare programs. Of course, Mongolia doesn’t have a sultan, and only time will tell if the underground resources can be turned into an above-ground windfall for locals
Plus, it’s not an easy jaunt (22 hours from New York on a really, really good day). Chinese investors can saunter over faster than anyone. Ready, set…



Post a Comment

Facebook page

Powered by Blogger.


Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive


Live Traffic