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Mongolia gets over 1.3-bln-USD FDI inflows in 8 months www.xinhuanet.com
ULAN BATOR, Oct. 22 (Xinhua) -- Mongolia attracted over 1.3 billion U.S. dollars of foreign direct investment (FDI) in the first eight months of 2019, showed data released by the country's central bank on Tuesday.
The number reflects a 4-percent decrease from the same period last year, according to the Bank of Mongolia.
The majority of the total FDI in the January-August period were poured into mega projects in the mining sector, especially the Oyu Tolgoi mine in the southern Gobi Desert, said the bank.
The copper-gold mine is expected to produce an average of 430,000 tons of copper and 425,000 ounces (about 12,050 kg) of gold annually for 20 years.
The Oyu Tolgoi project is jointly owned by the Mongolian government, who has a 34 percent stake, and the Canada-based miner Turquoise Hill Resources, who owns 66 percent.
Mongolia is rich in natural resources, and FDI in the mining sector has been one of the main drivers of the country's economic growth.
The Mongolian Finance Ministry estimated that the Oyu Tolgoi project will singlehandedly attract at least 1.3 billion dollars of FDI this year.
FDI flows to Mongolia reached its record high of 4.5 billion dollars in 2012.
Published Date:2019-10-23
