Mongolia offers land for mining

ULAN BATOR: Struggling Mongolia is hoping to drum up more foreign investor interest in its flagging mining industry after opening up an additional 10.1 million hectares (39,000 square miles) of territory for mining exploration.
The country, estimated to possess $1.5 trillion worth of mineral resources like gold, copper and iron ore, will start the application process for exploration licenses on Jan. 26, the Ministry of Mining told Reuters on Friday.
Mongolia is trying to entice foreign investors back to the country, with many deserting after a series of controversial disputes and a perceived shift towards “resource nationalism” among legislators. The additional space means that nearly a fifth of the country’s territory is now available for mining, amounting to 116,000 square miles.
“The groundwork has been laid to issue exploration special licenses in an orderly and planned form, taking the infrastructure, green development, and investment equality into consideration,” said ministry spokesman Galsan Bodibilguun. Licenses may be granted to investors via application as well as open-tender bidding, he said.