Some of the biggest news in Mongolia lately is the state-owned company Erdenes Tavantogloi LLC which is selling out over half of its shares. This is pretty big for Mongolia for two main reasons:
1st - Erdenes Tavantogloi owns one of the biggest coal deposits, located in the Gobi desert near the Chinese northern border. Whoever gets the shares of the company stands to make a lot of money because the coal is supposed to be of extremely high quality, i.e. worth a lot of money.
2nd - Because the company is state-owned, this would mean a bigger push away from the country's communist past. The country made huge pushes into a more free market type economy when it was first transitioning to a democracy in the early 90's. Selling over half of the shares of a state-owned company would just strengthen the push away from communist, and state run economy.
Right now they are in the stages of choosing a bank to handle the multi-billion dollar deal, and the fight is going to be hard with so many banks competing for the big deal. I'm not sure what this would mean for the people of Mongolia, if it would be a good thing or a bad thing. I plan on following this to see how it develops and if it brings good things for the people of Mongolia and if this really is a push away from a communist economy.
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