Migrants Challenging Returns amidst the COVID-19 Pandemic - World
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Mongolian alumnus: BYUH helped him overcome low self-esteem and become a top interpreter in Mongolia
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The country’s underexplored yet mineral-rich landscape and supportive government offer a wealth of opportunities for mining companies.
Mongolia is a resource-rich country that is at a turning point in its history. Having adapted to a democratic system of government and a market economy, the country’s wealth of mineral resources is now paving the way for rapid economic and social development. The nation has shifted away from an economy rooted in agriculture and herding and is turning instead to a fast-growing mining industry, offering unique opportunities for exploration and foreign investment.
Mongolia has been called the last frontier for large-scale mining projects. The unprecedented success of mines such as Oyu Tolgoi, a tier one producer and one of the largest copper-gold deposits in the world, has set the stage for a flourishing precious metals sector. Mongolia’s mineral wealth primarily coal, copper and gold has been valued between US$1 trillion and US$3 trillion.
Ulaanbaatar, March 12, 2021
The U.S. Embassy hosted a discussion on an independent comprehensive study funded by the U.S. Agency for International Development (USAID) on Mongolia’s cashmere sector.
While Mongolia accounts for approximately 40 percent of the world’s cashmere production, nearly all of that (94 percent) is exported, in either raw or minimally processed form. By not processing the cashmere before it departs Mongolia, other countries benefit from adding value by combing, washing, dying, spinning and sewing the final product, creating jobs for its citizens. Processing cashmere in other countries also allows them to blend inferior cashmere with high quality Mongolian cashmere, while still labeling it as Mongolian.