90+
July 6 (Mongolian Economy) To Mongolians the number nine is auspicious. They worship their national emblems of nine. The Great Chinggis Khan, who made Mongolia known for its power and strength, had nine knights. He established the Great Mongolian Empire. Nine is a lucky number for Mongolians.
These following are nine contributions of the Oyu Tolgoi project to Mongolia’s economy and future. In Mongolia, where wrestlers and bowmen show their excellence, an old melody resounds inside of the white ger.
One: Mongolia has 50 million cattle. It is ranked 10th in the world for the number of cattle per capita and 11th for meat consumption per capita. It is ranked the same for its mineral resources as well. The public offering of Erdenes Tavan Tolgoi will reach the financial market by the first quarter of next year. The operations of Oyu Tolgoi will begin early next year. The time when Oyu Tolgoi sends its first product to the global market is nearing. At present, construction of Oyu Tolgoi is 90 percent complete. The current construction policy is “90+”.
Two: Only 32 days are left before people begin to cheer for the Olympics and the completion of the Oyu Tolgoi project’s development. Just as the Mongolian flag waves in the city sky of London, the construction will be rushing towards 100 percent completion. This historic project that promises to lead Mongolia towards development is finally becoming a reality. It is time for Mongolians to own both the London Olympics and Oyu Tolgoi.
Three: Mongolia’s rapid economic growth continues. In the first quarter of this year, the economy had grown by 16.7 percent. According to the World Bank, development of Oyu Tolgoi is a main contributor to Mongolia’s economy. Furthermore, the opportunity to invest in Mongolia will remain just as high as it is now.
Four: As mentioned above, development of the Oyu Tolgoi project has reached 90 percent completion. Construction is six months ahead of the schedule laid out in the investment contract and Oyu Tolgoi is to begin initial production in August this year. Of course, this production will be written as a part of Mongolian history.
Five: Investment into Mongolia reached MNT 7.8 trillion prior to the launching of the Oyu Tolgoi mine. Up to 30 percent of investment circulating within Mongolia’s economy is derived from Oyu Tolgoi, where over 1,900 domestic supply companies participate. Those companies have delivered procurement services worth MNT 1.7 trillion. Quality, efficiency and security is the motto of Oyu Tolgoi.
Six: Sustainable development means a long- term vision. It also means supplying current demand without affecting future demand.
As written on the official website of Oyu Tolgoi: “Sustainable development is an essential part of our goal. By providing a balance between environment, society and economy, we strive to reach sustainable development”.
Keeping its word, the company has invested over MNT 30 billion. It has invested sums into rural areas that nearly equal the state budget. In addition, the company has started the construction of 70 kilometres of water pipes, an international airport and a 36-megawatt power line. The MNT 1.6 trillion ore-enrichment plant planned for the site will create new jobs for many people.
Seven: According to the Bank of Mongolia, Mongolia’s international trade circulation increased by 42.4 percent in February 2012, compared to the same month last year. The average prices of Mongolia’s 10 main export goods rose by 11.8 percent. The import of main goods and raw materials increased by 43.8 percent.
Mining products represent a major part of this export. Coal and minerals comprise 40.6 percent of total exports, enriched copper is 22.5 percent, iron ore and enriched ore are 12.2 percent, and 22.5 percent is crude oil. Analysts say that Oyu Tolgoi would bring prominent changes to Mongolia’s export trade when it begins to operate at full capacity. They noted that there is plenty to benefit from with trade of added-value products.
Eight: Although Oyu Tolgoi is not yet fully commissioned, it generates MNT 1 for every MNT 3 circulating in the market.
“I am not here to justify that cash distribution is the right thing to do. But the money that is being distributed now, isn’t that money from Oyu Tolgoi”? asked publicist B. Baabar. He added “This is no sort of domestic investment. It is the same as taking money from one pocket and putting into another. So there’s no investment here.”
“If you want to open a shop, you will have to sell your house or get a loan. On the contrary, foreign investment means that some unknown person has dropped money into your pot. And when you start to profit, it is beneficial for you as well as your investor. For that reason, every country should rush to attract foreign investment. Currently, the United States is the leading country for attracting investment and China is second”.
Nine: The Oyu Tolgoi project is not a risky game for Mongolians. However, for investors it is going to be tough. Mongolians are expecting to gain more from the project in order to develop their economy because they are the owners of this wealth. Their will and desire is more powerful than possessing 51 percent of the Oyu Tolgoi mining company. The company will start production from the fourth quarter of this year, reaching completion in just 27 months from a 33-month plan.
These following are nine contributions of the Oyu Tolgoi project to Mongolia’s economy and future. In Mongolia, where wrestlers and bowmen show their excellence, an old melody resounds inside of the white ger.
One: Mongolia has 50 million cattle. It is ranked 10th in the world for the number of cattle per capita and 11th for meat consumption per capita. It is ranked the same for its mineral resources as well. The public offering of Erdenes Tavan Tolgoi will reach the financial market by the first quarter of next year. The operations of Oyu Tolgoi will begin early next year. The time when Oyu Tolgoi sends its first product to the global market is nearing. At present, construction of Oyu Tolgoi is 90 percent complete. The current construction policy is “90+”.
Two: Only 32 days are left before people begin to cheer for the Olympics and the completion of the Oyu Tolgoi project’s development. Just as the Mongolian flag waves in the city sky of London, the construction will be rushing towards 100 percent completion. This historic project that promises to lead Mongolia towards development is finally becoming a reality. It is time for Mongolians to own both the London Olympics and Oyu Tolgoi.
Three: Mongolia’s rapid economic growth continues. In the first quarter of this year, the economy had grown by 16.7 percent. According to the World Bank, development of Oyu Tolgoi is a main contributor to Mongolia’s economy. Furthermore, the opportunity to invest in Mongolia will remain just as high as it is now.
Four: As mentioned above, development of the Oyu Tolgoi project has reached 90 percent completion. Construction is six months ahead of the schedule laid out in the investment contract and Oyu Tolgoi is to begin initial production in August this year. Of course, this production will be written as a part of Mongolian history.
Five: Investment into Mongolia reached MNT 7.8 trillion prior to the launching of the Oyu Tolgoi mine. Up to 30 percent of investment circulating within Mongolia’s economy is derived from Oyu Tolgoi, where over 1,900 domestic supply companies participate. Those companies have delivered procurement services worth MNT 1.7 trillion. Quality, efficiency and security is the motto of Oyu Tolgoi.
Six: Sustainable development means a long- term vision. It also means supplying current demand without affecting future demand.
As written on the official website of Oyu Tolgoi: “Sustainable development is an essential part of our goal. By providing a balance between environment, society and economy, we strive to reach sustainable development”.
Keeping its word, the company has invested over MNT 30 billion. It has invested sums into rural areas that nearly equal the state budget. In addition, the company has started the construction of 70 kilometres of water pipes, an international airport and a 36-megawatt power line. The MNT 1.6 trillion ore-enrichment plant planned for the site will create new jobs for many people.
Seven: According to the Bank of Mongolia, Mongolia’s international trade circulation increased by 42.4 percent in February 2012, compared to the same month last year. The average prices of Mongolia’s 10 main export goods rose by 11.8 percent. The import of main goods and raw materials increased by 43.8 percent.
Mining products represent a major part of this export. Coal and minerals comprise 40.6 percent of total exports, enriched copper is 22.5 percent, iron ore and enriched ore are 12.2 percent, and 22.5 percent is crude oil. Analysts say that Oyu Tolgoi would bring prominent changes to Mongolia’s export trade when it begins to operate at full capacity. They noted that there is plenty to benefit from with trade of added-value products.
Eight: Although Oyu Tolgoi is not yet fully commissioned, it generates MNT 1 for every MNT 3 circulating in the market.
“I am not here to justify that cash distribution is the right thing to do. But the money that is being distributed now, isn’t that money from Oyu Tolgoi”? asked publicist B. Baabar. He added “This is no sort of domestic investment. It is the same as taking money from one pocket and putting into another. So there’s no investment here.”
“If you want to open a shop, you will have to sell your house or get a loan. On the contrary, foreign investment means that some unknown person has dropped money into your pot. And when you start to profit, it is beneficial for you as well as your investor. For that reason, every country should rush to attract foreign investment. Currently, the United States is the leading country for attracting investment and China is second”.
Nine: The Oyu Tolgoi project is not a risky game for Mongolians. However, for investors it is going to be tough. Mongolians are expecting to gain more from the project in order to develop their economy because they are the owners of this wealth. Their will and desire is more powerful than possessing 51 percent of the Oyu Tolgoi mining company. The company will start production from the fourth quarter of this year, reaching completion in just 27 months from a 33-month plan.
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