MONGOLIA’S MISSING MILLIONS: WHAT HAPPENED TO A DECADE LONG MINING BOOM?

On 12 October, the Coal News Hub carried an article posing this question in the wake of the Pandora Papers and news about expensive property in London.  It says that there are questions about what has become of billions of dollars in mineral wealth generated over the past decade and a half by a mining boom, as Australian, Canadian and Chinese companies have moved in to develop lucrative deposits of coal, silver, gold and copper.  The World Bank estimates that Mongolia has produced $28 billion worth of mineral outputs since 2004 and, taxes and royalties amounted to nearly $9 billion in the past 15 years.  It is said that mining now accounts for nearly one-quarter of GDP, and mineral exports represent 26% of fiscal revenue, and that surveys have revealed deposits of coal, copper, gold, rare earth minerals and uranium worth an estimated $2.75 trillion – enough to make everyone a near-millionaire.  However, the country’s poverty rate of 28% and wealth gap remain unchanged from early 2012.

https://coalnewshubb.com/mongolias-missing-millions-what-happened-to-a-decade-long-mining-boom/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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