Though Not Yet Open, Rio Tinto’s Huge Mine Is Transforming Mongolia’s Landscape
In the dry expanses of southern Mongolia, a handful of large blue buildings are clustered together, ringed only by a thin metal fence. A single plane sits on an airstrip, while power lines stretch off into the distance. They, along with the scattered flocks of sheep and goats, are almost the only things dotting the vast landscape. “In the old days, all of the grasslands and valleys had herders and their animals,” said Baanchig Oodoi, 61, who was raised in a herding family and has lived all her life in and around the town of Khanbogd.“In recent years, herder numbers have gotten smaller,” she said. “Many herders have moved to the town to work for the mining company.” Even before its scheduled opening next month, the work on the huge Oyu Tolgoi mine project already accounts for roughly 30 percent of Mongolia’s annual economic output.
Investors shrug news of fresh Mongolia bid for control of Oyu Tolgoi as Turquoise Hill climbs 15%
Investors in Turquoise Hill Resources (previously Ivanhoe Mines) nearing completion of its Oyu Tolgoi project in Mongolia drove up the company’s share price 15% last week, despite news that a group of the country’s lawmakers wants to grab a bigger stake of the massive coper-gold mine. Turquoise Hill is controlled by Rio Tinto.