Mongolia looks to copper to transform stagnant economy

Mongolia looks to copper to transform stagnant economy

Mongolia plans to channel revenue from rising copper exports into an economic development fund as part of changes to reap more benefit from its mineral riches and root out corruption, the North Asian nation’s prime minister said in an interview Tuesday following the opening of a major expansion of its biggest mine.Luvsannamsrain Oyun-Erdene attended a ceremony 1,300 meters (4,300 feet) below ground to mark the start of underground production Mon…

Mongolia looks to copper to transform stagnant economy

By JOE McDONALD AP Business Writer BEIJING (AP) — Mongolia’s prime minister says the North Asian nation will channel revenue from rising copper exports into an economic development fund to reap more benefit from its mineral riches and root out corruption. Luvsannamsrain Oyun-Erdene spoke to The Associated Press after attending the opening of a major expansion of the country’s biggest copper mine at Oyu Tolgoi in the Gobi Desert in southern Mongo…

Mongolia looks to copper to transform stagnant economy

By JOE McDONALD AP Business Writer BEIJING (AP) — Mongolia plans to channel revenue from rising copper exports into an economic development fund as part of changes to reap more benefit from its mineral riches and root out corruption, the North Asian nation’s prime minister said in an interview Tuesday following the opening of a major expansion of its biggest mine. Luvsannamsrain Oyun-Erdene attended a ceremony 1,300 meters (4,300 feet) below gro…