Wednesday, 20 Jul 2011 |Reuters
Reuters reported that exports from landlocked Mongolia rose 52.3% in the first half of 2011 to a total value of USD 2 billion with 90% of the total delivered to its dominant southern neighbor China.
Mongolia's National Statistics Committee said Mineral resources accounted for the bulk of the increase rising 71.8% from a year ago and making up about 85% of the total volume. Over the six months, imports into Mongolia reached USD 2.7 billion, more than double the same period of last year.
Remote Mongolia is in the middle of a program aimed at bringing in billions of dollars of foreign investment to help develop its massive but mostly untapped mineral reserves, including coal, copper, gold and uranium.
Financing for the Oyu Tolgoi copper-gold deposit in the southern Gobi region currently being developed by Canada Ivanhoe Mines is expected to reach USD 6 billion more than the country entire gross domestic product last year.
The Tavan Tolgoi coal project also in the southern Gobi region has estimated reserves of 6 billion tonnes and is expected to transform the country tiny economy with a billion dollar IPO expected to be launched early next year.
The government said earlier this month that Peabody Energy, Shenhua and a Russian Mongolian consortium had been selected to develop the western block of the project.
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