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Mongolia: The Promise of 'Minegolia'

Thursday, Oct. 21, 2010

With nations scouring the globe in pursuit of dwindling mineral supplies, the world's attention has shifted to Mongolia, a country some are heralding as the next resource success story. Among the last places on earth with rich, untapped mineral deposits, this landlocked, underdeveloped country is expected to become one of the world's fastest-growing economies over the next decade -- if, that is, it can address a set of daunting challenges and bring these resources to the market.

According to some estimates, there is about $1.3 trillion worth of untapped coal, gold, silver, copper, uranium and zinc deposits in what is being called "Minegolia." The country's GDP is expected to rise as much as 10 percent per year, from the current $5 billion to $30 billion by 2020, as a result of revenue from these minerals alone. Meanwhile, per capita income is expected to quadruple, from $3,000 in 2008 to $12,000 by 2015 -- or about what the average person in Shanghai currently earns (.pdf). ...

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