Mongolia. In a difficult economic crisis, Mongolia sought new foreign investors at the beginning of the year by opening large land areas for mining exploitation. Following the new supply, close to one fifth of the country’s surface is open for mining, an area larger than Norrland. The country is estimated to have gold, copper, iron and other ore assets worth $ 1.5 trillion.
According to COUNTRYAAH, Ulaanbaatar is the capital of Mongolia which is located in Eastern Asia. Copper, coal, iron, oil and gold account for about 85% of exports, but the fall in commodity prices and conflicts around foreign ownership had reduced foreign investment in Mongolia by about 80% in one year. Although GDP growth was around 8%, it had halved since 2011, and the currency’s rye had fallen sharply in value.
In May, Mongolia agreed with British-Australian mining group Rio Tinto on an extension of the copper and gold mine Oyu Tolgoi to underground mining. The conflict had been going on for years and hampered the country’s economy. The expansion of the giant mine is expected to increase Mongolia’s GDP by a third. At the same time, there have been protests against the damage to the environment and the many poor Mongols getting so little of the mining wealth.
Parallel to reduced mining income, Mongolia suffered severe drought during the summer. Most of the wheat crop was knocked out and the livestock feed reserves shrank when the worst winter of years was expected. The government planned to ban the export of wheat and meat before the winter to save domestic supply, but it was still expected that a lot of livestock must be slaughtered.
Mongolia blames climate change for the uncertain weather caused by high global greenhouse gas emissions. Although Mongolia itself has relatively low emissions, the country has experienced a temperature increase of just over 2 degrees in seven decades, three times faster than the global average.
In August, the six Mongolian People’s Ministers were dismissed by Prime Minister Chimed Saikhanbileg, who nevertheless had a majority in Parliament with his own Democratic Party. By breaking up the government well in advance of the 2016 election, the two major parties were given the opportunity to conduct an election campaign separately after cooperating with the important decision on the Oyu Tolgoi mine.