Mongolia’s Gold Rush 3.0

Mongolia’s new Gold-3 program arrives at a fortuitous moment. With global gold prices near record highs, the mining minister is hoping to turn its mineral riches into much-needed foreign reserves and economic momentum. The logic is sound, but the plan’s success will depend on whether Ulaanbaatar can get implementation right—and whether it can avoid some familiar traps.

Gold-3 aims to boost annual gold output by two tonnes, mostly from placer deposits, with projected state revenues of nearly MNT 1.7 trillion (~$500m).

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