For too long the Mongolian mining story has focused on Rio Tinto and little else. Through its joint venture with the government, it will deliver the third largest copper mine in the world- a project that could contribute as much as 30% of the country’s GDP. With billions spent and committed, it’s little surprising minds have fixated on this project.
Mongolia is a landlocked and sparsely populated nation in Central Asia, wedged between Russia and China. The country was a Soviet satellite state until 1990, when it began its transition towards democracy and a market economy. The first years of this transition were difficult for Mongolia; the country was dependant on Soviet financial assistance and its economy primarily based on animal husbandry and nomadic herding. Economic collapse saw rampant inflation, food rationing and widespread shortages.
Mongolian Metals Corporation is a private exploration company with a license in the heart of the highly mineralised South Gobi Copper Belt in South West Mongolia. The 75,000 hectare license is prospective for high grade copper and gold.
Mongolian Metals Corporation LLC (MMC) is a Mongolian mining company with a portfolio of exploration licenses representing significant deposits of copper, gold, molybdenum, coal and quartz across four aimags of Mongolia. The company also benefits from strong ongoing access to further license acquisition opportunities. MMC is a spin-off from Asia Pacific Investment Partners. MMC was founded in April 2008 and has to date acquired four exploration licenses in Mongolia. Aggregate investment into MMC since at 31st December 2008 totaled circa US$6.4 million. Investment into the business has to date been 100% financed by Asia Pacific Investment Partners Corporation Ltd (APIP).