Mongolia Energy Riches Attract Neighbors and Outside Interests

Oil Price reports that Mongolia is in an intense bidding war with its neighbors China and Russia over its rich resources.

The market news is quoted as saying,

Mongolia’s mining sector has some of the world’s richest deposits of gold and copper, uranium, coal, fluorspar as well as (rare earth elements) RREs such as tantalum, niobium, thorium, yttrium and zircon. According to a 2009 estimation by the U.S. Geological Survey, Mongolia has 31million tons of rare earth reserves, or 16.77 percent of the world’s total, exceeded only by China.

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