Climate Central — During the early 1200s, Genghis Khan and his Mongol warriors swept across much of Asia, massacring populations wholesale — by one estimate killing 40 million in just 20 years. Historians have long thought that part of their motivation for expansion had to do with climate. A new analysis in Proceedings of the National Academy of Sciences argues that this theory is literally all wet.
<p>As companies such as Rio Tinto Group, Mongolia's biggest investor, Peabody Energy Corp. and Mitsui and Co. plan to keep the momentum going by exporting more of the country's $1.3 trillion trove of resources, about a fifth of the population of 3 million are getting by on $1.25 a day.</p> Source: Photograph by Paula Bronstein/Getty Images
Rio Tinto Group will resume talks with Mongolia this month to resolve concerns that spending at their jointly owned Oyu Tolgoi mining project is overshooting and the country isn’t benefiting enough from the development.
After Syria and Iran, Mongolia is delivering the world’s worst currency returns this quarter as tumbling international investment and coal revenue starve the country of the foreign exchange needed to fund imports.
Mongolia pledged to give Erdenes Tavan Tolgoi LLC, its largest coal company, a $355 million loan that Chief Executive Officer Yaichil Batsuuri said may be used to help it exit an agreement to supply China.
Mongolia’s businesses could face a “catastrophe,” if Rio Tinto Group and the government cannot resolve a dispute over funding the Oyu Tolgoi copper and gold mine, the deputy minister for economic development said.
The passage of a Mongolian securities law allowing dual listings would boost the value of the nation’s stock exchange by 33-fold to $40 billion within five years, said the bourse’s chief executive officer.