Ming Pao
Mongolia’s newly elected government is implementing “Resource Nationalism” to restrict foreign investments. Currently China controls 70% of Mongolia’s mining assets and politicians are looking to limit foreign control. Last month, Chalco was forced to give up the acquisition of SouthGobi. Still Chinese control is prominent. For instance, Chalco holds a 30% stake in Winsway as well as TavanTolgoi. Chalco is able to use their prominent influence to breakthrough restrictions on railway usage and other operations restrictions. Mongolian politicians must restore balance to its foreign investors and be careful not to kill off their golden goose – China. Chinese State Councilor Dai Bingguo visited Ulaanbaatar on August 24, becoming the first foreign officials to meet with the new government of Mongolia. The control of the OyuTolgoi mine and similar sites were under discussion.