Mongolia Mongolia Resources and power: Mongolia possesses large deposits of coal and fluorite and of copper, gold, silver, and other metallic ores. The chief mineral produced is coal, which is primarily for domestic use, although the newer coalfields of Khöshööt near Khovd in the west and Tavantolgoi in the southern Gobi have begun exporting their coal to China. For years ...
The Mongolian Taxation Authority is the main body responsible for collecting taxes paid to central government, while the Mineral Resources and Petroleum Authority collects sector levies for mining and oil and gas respectively. Provincial and district governments are responsible for collecting subnational revenues.
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Mongolia has several rivers and lakes which provide water resources used in the country. The Orkhon River is the longest in the country stretching for 698 miles long. According to the government of Mongolia, as of 2010, there were 1,016 rivers with permanent water run off, 112 rivers with temporary runoff water, 214 dried springs and rivers, 259 lakes and ponds, 1,450 streams and springs,and 45 cold and hot spas and springs, which were all found in the Orkhon River Basin. The water flowing in the Orkhon River, 25% are from the underground, 10% are from snow and ice, and 60% originates from rain particularly in autumn and summer. Other major rivers in the country include Kherlen River, Zavkhan River, Tuul River, and Selenge River among others.
Mining in Mongolia is one of the crucial sectors of the economy, and some of the important minerals in the country include gold, copper, and coal among others. Mongolia has 10% of all the coal reserves in the world which according to 2011 estimates were about 162 billion tons, and the country operates 17 coal mines. In 2010, Mongolia produced 25 million tons of coal and exported 73% of the total output, making the mineral the largest export item in the country. Initially, the largest exports were copper, and currently, the largest export destination of the countrys coal minerals is in China, which takes more than 83% of all coal exports from Mongolia. The largest coal mine in Mongolia is the Tavan Tolgoi which has the highest grade of coal, and it is anticipated to produce 6 billion tons of coal. There are several goldmines found approximately 60 miles north of the capital city, and they include Gatsuurt Gold Mine and Boroo Gold Mine. Khotgor Coal Mine is also one of the largest mi...
According to the World Bank, Mongolia is a low, middle income country and 22.4% of the country39;s population live below the poverty level. In 2011, the country had GDP per capita of $3,100 which had been growing steadily from the 1990s. However, the proportion of people living below the poverty level has been growing as well, and in 1998 it was about 35.6% of the population, and between 2000 and 2003 it was 36.1%, while in 2006 it was 32.2%.
Mongolia has more than 6,000 deposits of 80 different minerals, which explains the increase of foreign investment in mining to about $1.1 billion in 2010 from $750 million in 2009. Experts feel that the government of Mongolia needs to realize the countrys potential and modernize its mining laws to promote more foreign investment.
Mongolia Energy Corporation, a mining and energy company operating in Mongolia and Xinjiang and Erdenet Mining Corporation, a joint Mongolian Russian venture, account for a large percentage of the mining in the country, but Anglo Australian companies such as Rio Tinto and Canadian companies such as Turquoise Hill Resources are active in the ...