Banyan: Before the gold rush | The Economist: "A presidential election is due in May. The incumbent, Tsakhia Elbegdorj, of the Democratic Party, is the favourite, and is closely identified with the opening to foreign investment. But new draft mining legislation from his office has provoked howls of protest from the industry, which claims its restrictions would deter all new investment in mining. And this month the president weighed into the foreigners behind much the biggest project in Mongolia to date, the Oyu Tolgoi (“Turquoise Hill”) or “OT” copper-and-gold mine. OT is expected to contribute one-third of GDP by 2020, and is the basis of the strategy of rapid growth fuelled by foreign investment in mining. Some 34% of OT is owned by the Mongolian government and 66% by Turquoise Hill Resources (which also controls the firm that owns Ovoot Tolgoi), a subsidiary of Rio Tinto, a British-Australian mining behemoth."
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