FDI in Mongolia up 25.6 pct in first 11 months of 2018

Source: Xinhua| 2019-01-04 19:33:23|Editor: xuxin
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ULAN BATOR, Jan. 4 (Xinhua) -- Mongolia has attracted 1.5 billion U.S. dollars of foreign direct investment (FDI) in the first 11 months of 2018, up 25.6 percent year on year, local media reported Friday, citing the country's Finance Ministry.

The foreign investment in the development of the underground mine at Oyu Tolgoi copper-gold mine accounted for the majority of the total FDI, according to the ministry.

The Oyu Tolgoi copper-gold mine, located in the South Gobi Desert of Mongolia, 80 km north of Mongolia's border with China, 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.

The mine is estimated to contribute to a third of government revenue in 2019. The Mongolian government has a 34 percent stake in Oyu Tolgoi while global mining giant Rio Tinto-controlled Turquoise Hill Resources owns the remaining 66 percent.

FDI has been one of the main drivers of Mongolia's economic growth. The Mongolian Finance Ministry estimated that the Oyu Tolgoi project will attract at least 1.3 billion dollars of FDI in 2019.

FDI flows to Mongolia reached its record high of 4.5 billion dollars in 2012.