Investors fear impact of Mongolia's new mining law - BUSINESS NEW EUROPE: "The new mining law currently under consideration in Mongolia has alarmed foreign investors, who fear it will not only deter investment in the mining sector, but have knock-on effects in other parts of the economy. With parliament due to consider the law in April, just two months before Mongolia's presidential elections, the government has been accused of taking a populist stance to appeal to rising nationalism among the population.
The Mongolian Business Council has written to President Tsakhia Elbegdorj warning of the possible consequences of the draft law for the mining industry – and foreign investment in general – should it be adopted in its current form. Adopting the law is "likely to damage Mongolia's brand as an investment destination," says the letter from the council, which numbers Rio Tinto, General Electric, Mitsubishi and other international firms among its 250 members.
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The Mongolian Business Council has written to President Tsakhia Elbegdorj warning of the possible consequences of the draft law for the mining industry – and foreign investment in general – should it be adopted in its current form. Adopting the law is "likely to damage Mongolia's brand as an investment destination," says the letter from the council, which numbers Rio Tinto, General Electric, Mitsubishi and other international firms among its 250 members.
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