Silk Road Reporters: Several years ago, Mongolia was touted as a hot investment locale for mining companies, given its rich mineral resources – particularly gold, copper, uranium, and coal – and the previously low level of exploration and development.
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In 2015, that outlook looks slightly more gloomy.
Throughout 2014, the Mongolian government has been battling with Rio Tinto over the massive Oyu Tolgoi gold and copper mine, with Mongolian officials demanding Rio Tinto pay $30 million in taxes. Rio suspended construction work at the mine in July 2014.
As a result, foreign direct investment in the country declined in 2014 by 81% compared to 2013, according to the Central Bank of Mongolia.
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