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Mongolia: Mineral Wealth Set to Transform Country into “Minegolia”

This is the time of year when blasts of Arctic air start sweeping across Mongolia’s steppe, ushering in the long, hard winter. It’s when many, especially those who adhere to traditional nomadic rhythms of life, hunker down until spring. But this year, there is an unusual air of expectancy amid the deepening chill – a mood borne by the prospect of windfall profits generated by the country’s mining sector.

A nation of just over 3 million, where herding and agriculture have long been the dominant features of the economy, Mongolia is on the cusp of becoming a global financial supernova. Experts estimate that the country possesses as much as $1 trillion-worth of untapped precious metals and minerals. That works out to potentially over $333,333 per every man, woman and child in the country.

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Mongolia: Mineral Wealth Set to Transform Country into “Minegolia”

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