Tuesday, June 20, 2017

Rio Tinto begins new exploration in Mongolia


Anglo-Australian miner Rio Tinto has started new exploration work in Mongolia's Gobi desert after a gap of around five years, in a sign that Mongolia is having some success at bringing back foreign investors.


Andrew Stewart, managing director and chief executive officer of Australian copper-gold explorer Xanadu Mines , said Mongolia was back on the radar for many investors.

Stewart said exploration was underway about halfway between the Oyu Tolgoi project and Xanadu's Kharmagtai copper-gold project, south-east of Ulaanbaatar.

The Mongolian economy needs foreign direct investment. Hopefully this will be the start of a trend.

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