http://www.theaustralian.com.au/business
MONGOLIA — a landlocked country in central Asia — boomed as the resources cycle peaked but just as quickly as the investment flooded in, it flowed out as the government radically changed the rules.
MONGOLIA — a landlocked country in central Asia — boomed as the resources cycle peaked but just as quickly as the investment flooded in, it flowed out as the government radically changed the rules.
Now, after years of largely being ignored by foreign investors, the country is trying to win favour with the global resources sector with another change of its rules — but this time in a move to say it is open for business.
David Paull, who heads junior Aspire Mining, has witnessed the rise and fall of Mongolia’s appeal in the competitive global resources space. Having penned an exploration deal in the country in October 2009, just weeks before a government agreement for the massive Oyu Tolgoi project was signed, Paull has been front row for the roller-coaster ride.
“It was a very hot environment, then it got extremely cold from mid-2012 onwards and that coincided with the fading of the global commodities boom,” he says.