Mongolia’s massive Oyu Tolgoi gold and copper reserves, brought to the market by Vancouver’s Ivanhoe Mines Ltd. and now owned by the Rio Tinto Group, have so far been more of a curse than a blessing. A dispute over development costs between Rio Tinto and the government is being blamed for plunging foreign investment. The solution being proposed by new Prime Minister Chimed Saikhanbileg is to form a “grand coalition” in parliament. The opposition Mongolian People’s Party has agreed to join, but other parties say the whole thing smacks of a return to one-party rule.
