Mongolia plans to double amount of land available for exploration
Mongolia will increase the land to 20.9% of the country from 9.6% currently, and could announce the change later this month, the minister of mining and heavy industry, Dashdorj Tsedev, said in an inte
Mongolia plans to double amount of land available for exploration. Mongolia will increase the land to 20.9% of the country from 9.6% currently, and could announce the change later this month, the minister of mining and heavy industry, Dashdorj Tsedev, said in an interview on Monday.The expansion reflects improved geological surveys, and the land open for exploration could increase as further improvements are made, the minister said at the Prospectors and Developers Association of Canada conference in Toronto. Mongolia's economy grew at a double-digit annual rate over 2011-2013 as foreign investors rushed in to take advantage of its vast untapped mineral deposits, but it has been hit hard by an economic crisis since 2016 due to government overspending and declining revenues from commodity exports. Mongolia ranks as one of the best prospects in the world for new copper reserves, as the best quality ore bodies in many other parts of the world have been depleted and electric vehicles raise the possibility of a surge in demand.
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