www.unuudur.com: The latest news of Mongolia in the World

Mongolian Mining Corporation’s debt restructuring talks with its creditors are progressing well and a deal could be reached before the end of the year, the country’s Vice Minister Badamsuren Khookhor said on Monday. Hong Kong-listed Mongolian Mining Corp has been in default after missing a coupon payment in March on its $600 million 2017 issue.

ULAN BATOR: Mongolians are set to vote in a presidential election Wednesday, with the three major candidates promising fairer wealth distribution from a spectacular mining boom that has raised questions over the role of foreign investors.

Chinese copper smelters are turning to Rio Tinto’s Oyu Tolgoi mine in Mongolia for concentrates in the spot market as a regional oversupply situation in the raw material is easing after a key Indonesian mine halted operations this month.

Mongolia’s mineral wealth is slow in trickling down to the majority of its citizens, with poverty widespread and many people eking out a meagre living from casual labour. Many poorer Mongolians doubt whether they will ever enjoy higher living standards. It is not rare for them to blame their problems on capitalism and to yearn [...]