Mongolia attracted foreign direct investments worth $661.8 million in 4 months

AKIPRESS.COM - Mongolia has attracted foreign direct investment (FDI) worth 661.8 million U.S. dollars in the January-April period, up by 7.5 percent year-on-year, Xinhua reports citing the central bank. Over 90 percent of the FDI goes to the Oyu Tolgoi copper-gold mine, which is partly owned by the Mongolian government, the Bank of Mongolia said in a statement.
The mine is expected to produce an average of 430,000 tons of copper and 425,000 ounces (about 12,050 kg) of gold annually for 20 years.
It will attract at least 1.3 billion U.S. dollars of FDI this year, making up one third of government revenue in 2019, according to the Mongolian Finance Ministry.
Mongolia is rich in natural resources, and FDI in the mining sector has been one of the main drivers of the country's economic growth.