Mongolia looks to copper to transform stagnant economy

15/3/2023 14:56

        Mongolia plans to channel revenue from rising copper exports into an economic development fund as part of changes to reap more benefit from its mineral riches and root out corruption, the North Asian nation's prime minister said in an interview Tuesday following the opening of a major expansion of its biggest mine.
        
        Luvsannamsrain Oyun-Erdene attended a ceremony 1,300 meters (4,300 feet) below ground to mark the start of underground production Monday at the Oyu Tolgoi mine in the Gobi Desert in southern Mongolia. He was joined by executives of Rio Tinto, the Australian mining giant that owns a 66% stake in the mine. The government owns the rest.
        
        The multibillion-dollar expansion of Oyu Tolgoi is the latest effort to generate prosperity from Mongolia's copper, coal, gold and other minerals following three decades of complaints about economic malaise and corruption.