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ABSTRACT 3
1 EECUTIVE SUMMAR.......................................................... 4
1.1 HISTORY ................................................................................................ 41.2 GOVERNMENT ........................................................................................ 4
1.3 FOREIGN RELATIONS ................................................................................ 4
1.4 GEOGRAPHY AND CLIMATE ....................................................................... 6
1.5 ADMINISTRATIVE REGIONS........................................................................ 6
1.6 ECONOMY ............................................................................................. 6
1.7 BANKING SECTOR.................................................................................... 6
1.8 THE CENTRAL BANK ................................................................................ 7
1.9 MONGOLIAN TAXATION SYSTEM ................................................................ 7
1.10 MONGOLIAN STOCK EXCHANGE................................................................. 7
1.11 MINING ................................................................................................ 8
1.12 AGRICULTURE ........................................................................................ 91.13 REAL ESTATE .......................................................................................... 9
1.14 INFRASTRUCTURE .................................................................................. 10
1.15 PRIVATISATION OF STATE PROPERTIES....................................................... 11
1.16 DEMOGRAPHICS ................................................................................... 12
1.17 LANGUAGES ......................................................................................... 12
1.18 RELIGION ............................................................................................ 12
1.19 EQUITY RESEARCH ................................................................................. 12
2 MONGOLIA KE STATISTICS................................................. 13
3 CONTENTS...................................................................... 14
4 HISTOR OF MONGOLIA..................................................... 184.1 PREHISTORY ....................................................................................... 18
4.2 EARLY HISTORY .................................................................................... 19
4.3 MONGOL EMPIRE ................................................................................. 19
4.4 POSTIMPERIAL PERIOD ......................................................................... 19
4.5 UNDER THE QING ................................................................................. 20
4.6 INDEPENDENCE ..................................................................................... 20
4.7 MONGOLIAN PEOPLE'S REPUBLIC............................................................. 21
4.8 DEMOCRATIC REVOLUTION ..................................................................... 21
5 GOVERNMENT................................................................. 22
5.1 POLITICAL SYSTEM AND RECENT HISTORY.................................................. 22
5.2 PRESIDENT ........................................................................................... 23
5.3 THE STATE GREAT KHURAL ..................................................................... 23
5.4 MONGOLIA PEOPLES PARTY AND DEMOCRATIC PARTY................................ 23
5.5 PRIME MINISTER AND THE CABINET .......................................................... 23
6 FOREIGN RELATIONS.......................................................... 246.1 AFRICA ............................................................................................... 24
6.1.1 EGYPT................................................................................................. 24
6.2 ASIA ................................................................................................... 25
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6.2.1 RUSSIA ............................................................................................... 25
6.2.2 PEOPLES REPUBLIC OF CHINA (PRC) ........................................................ 26
6.2.3 JAPAN ................................................................................................. 27
6.2.4 NORTH KOREA ..................................................................................... 296.3 EUROPE .............................................................................................. 29
6.3.1 UNITED KINGDOM ................................................................................ 29
6.4 NORTH AMERICA .................................................................................. 30
6.4.1 CANADA .............................................................................................. 30
6.4.2 USA ................................................................................................... 31
7 GEOGRAPH AND CLIMATE.................................................. 33
8 ADMINISTRATIVE REGIONS.................................................. 34
9 ECONOM....................................................................... 359.1 THE GLOBAL FINANCIAL CRISIS OF 2008/2009 .......................................... 36
9.2 CURRENT STATE OF THE ECONOMY........................................................... 369.3 GROSS DOMESTIC PRODUCT ................................................................... 38
9.4 MONEY SUPPLY .................................................................................... 39
9.5 BUDGET .............................................................................................. 40
9.6 INFLATION ........................................................................................... 42
9.7 TRADE ................................................................................................ 43
9.7.1 EXPORTS ............................................................................................. 44
9.7.2 IMPORTS ............................................................................................. 45
9.8 IMPLEMENTED POLICIES ......................................................................... 46
9.9 FOREIGN DIRECT INVESTMENT ................................................................. 47
9.10 CURRENCY ........................................................................................... 47
10 BANKING SECTOR............................................................. 4810.1 BACKGROUND ...................................................................................... 48
10.2 BANKING SECTOR PERFORMANCE DURING 2008/2009FINANCIAL CRISIS........ 49
10.3 STRENGTHENING OF THE FINANCIAL SYSTEM.............................................. 50
10.4 DEPOSITS AND LOANS ............................................................................ 51
10.4.1 NONPERFORMING LOANS (NPLS) .......................................................... 53
10.5 BANKING INTEREST RATES ...................................................................... 53
10.6 BANK ASSET QUALITY ............................................................................ 55
10.7 BANKING SYSTEM CAPITALISATION ........................................................... 57
10.8 BANKING LAW OF MONGOLIA (2010) ...................................................... 57
10.8.1 SUMMARY OF THE AMMENDED BANKING LAW........................................... 57
10.9 BANKING SECTOR 2010SUMMARY .......................................................... 59
10.10 BANKING SECTOR PROSPECTS.................................................................. 59
11 THE CENTRAL BANK........................................................... 61
11.1 BANK OF MONGOLIA MONETARY POLICY.................................................. 61
11.2 BANK OF MONGOLIA POLICY RATE ........................................................... 61
11.3 CENTRAL BANKS NONSTANDING FACILITIES.............................................. 62
11.3.1 COLLATERALIZED LOAN ........................................................................... 62
11.4 OBJECTIVES OF MONETARY POLICY ............................................................ 63
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11.5 BANK OF MONGOLIA STANDING FACILITIES................................................ 63
11.5.1 OVERNIGHT LOAN ................................................................................. 63
11.5.2 REPO FINANCING .................................................................................. 63
11.6 CENTRAL BANK BOND RATE .................................................................... 6412 MONGOLIAN TAATION SSTEM........................................... 6512.1 GENERAL TAXATION .............................................................................. 65
12.1.1 TAXPAYERS .......................................................................................... 65
12.2 CORPORATE INCOME TAX ....................................................................... 65
12.2.1 TAXPAYERS .......................................................................................... 65
12.2.2 TAX RATE ............................................................................................ 66
12.2.3 TAX EXEMPTION.................................................................................... 66
12.3 PERSONAL INCOME TAX LAW OF MONGOLIA.............................................. 67
12.3.1 TAXPAYER............................................................................................ 67
12.3.2 TAX RATE AND AMOUNT ......................................................................... 67
12.4 VALUE ADDED TAX (VAT) ...................................................................... 68
12.4.1 SCOPE OF VAT ..................................................................................... 68
13 MONGOLIAN STOCK ECHANGE............................................ 6913.1 OVERVIEW ........................................................................................... 69
13.2 THE SECOND BEST PERFORMING MARKET IN THE WORLD............................... 71
14 MINING......................................................................... 7314.1 MINING SECTOR ................................................................................... 73
14.2 EXPLORATION AND GEOLOGICAL MAPPING................................................ 76
14.3 LICENSES ............................................................................................. 77
14.4 COAL .................................................................................................. 78
14.4.1 TAVAN TOLGOI ..................................................................................... 8114.5 COPPER/GOLD ..................................................................................... 83
14.5.1 OYU TOLGOI (COPPERGOLD,MONGOLIA) ................................................. 84
14.6 IRON ORE ............................................................................................ 85
14.7 OIL .................................................................................................... 87
14.8 URANIUM............................................................................................ 89
14.9 MINERALS LAWS AND TAXES ................................................................... 90
14.9.1 STRATEGICALLY SIGNIFICANT DEPOSITS..................................................... 90
14.9.2 OVERVIEW OF FOREIGN INVESTMENT........................................................ 93
14.9.3 FOREIGN INVESTMENT IN MINING ............................................................ 94
14.9.4 PROGRESSIVE ROYALTIES ON MINERALS..................................................... 97
15 AGRICULTURE.................................................................. 9915.1 DZUD ............................................................................................... 100
16 REAL ESTATE................................................................. 101
17 INFRASTRUCTURE............................................................ 106
17.1 RAILWAY ........................................................................................... 106
17.2 ROADS .............................................................................................. 107
17.3 AIRPORTS .......................................................................................... 107
17.4 WATER ............................................................................................. 107
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17.5 MINING BOOM AND INFRASTRUCTURE DEVELOPMENT................................ 108
17.6 INDUSTRIAL PARK IN SAINSHAND........................................................... 112
17.7 RECENT DEVELOPMENTS ....................................................................... 113
17.8 MINING BOOM AND AIR INDUSTRY......................................................... 11518 PRIVATISATION OF STATE PROPERTIES.................................. 11718.1 20112012PRIVATISATION STRATEGY................................................... 117
18.1.1 NEAR TERM PRIVATISTAION TARGETS...................................................... 117
18.1.2 DETAILED MAPS OF PLANNED PRIVATISATIONS.......................................... 120
18.1.3 STATE PROPERTY COMMITTE................................................................. 124
18.1.4 RECENT DEVELOPMENTS ....................................................................... 125
19 DEMOGRAPHICS............................................................. 127
20 LANGUAGES.................................................................. 129
21 RELIGION...................................................................... 130
21.1 TAVAN TOLGOI ................................................................................... 1311 EQUIT RESEARCH........................................................... 131
1.1 BAGANUUR........................................................................................ 132
1.2 SHIVEE OVOO .................................................................................... 133
1.3 APU ................................................................................................ 134
1.4 MONGOLIA TELECOM .......................................................................... 135
1.5 SHARYN GOL ...................................................................................... 136
1.6 GOBI ................................................................................................ 137
1.7 BDSEC .............................................................................................. 138
1.8 ADUUNCHULUUN ................................................................................ 139
1.9 MONGOLIA DEVELOPMENT RESOURCES.................................................. 140
1.10 MOGOIN GOL .................................................................................... 141
2 REFERENCES.................................................................. 143
3 CONTACTS.................................................................... 144
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: 1. E 31 D 2009
: B
T , O 2008,
,
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,
' ,
N 2009 . H,
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T M $53 , 2009. T $66.25 5
, $44.9 23
.
U 25
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.
0
10
20
30
40
50
60
70
80
0
500
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2,500
3,000
3,500
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
T/GDP,%
T,$
1
T
B 34.5% 2009
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B S
ResCapResourceInvestmentCapital
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RC M 101 P 50
10.3 F
D M
, . S
: , ,
. B ,
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R ,
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B
L
F 20032009, 5 , 6
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M =
20%
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C ( 2010) = 14%
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B S
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24 2011
RC M 101 P 51
10.4 D L
T
:
A /D = 1250.D , .
: B , 2010
T 4 M
70% 73% . T TDB,
G B, K B X B,
:
TDB G B K B X B
A 16.2% 23.8% 28.5% 6.6%
L 14.9% 22.9% 22.8% 9.2%
D 16.7% 18.4% 33.9% 3.7%
: , 2010
: B
0
500
1000
1500
2000
2500
J97
O97
J98
A99
J00
O00
J01
A02
J03
O03
J04
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J06
O06
J07
A08
J09
O09
TOTAL LOANS OUTSTANDING ($)
LOANS AND DEPOSITS AS OF 31 DECEMBER
$ ,
2003 2004 2005 2006 2007 2008 2009 20101
L 353 485 688 977 1,644 2,108 2,124 2,350
% 91.0 37.4 41.9 42.0 68.3 28.2 0.8 13.9
D 457 563 814 1,081 1,781 1,782 2,385 2,825
% 63.7 23.2 44.6 32.8 64.8 0.1 33.8 30.5
L/D, % 77.2 86.1 84.5 90.4 92.3 118.3 89.1 83.2
TBD, G B, K B & B
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$
I
5
L
63%
36% 1.1.%
D = 8.4%
S
R
RC M 101
,
. F 2003 2009,
464 $2.42 $2.8
$840
2010.
ISTRIBUTION OF LOAN PORTFOLIO B ECONOMIC SEC
: B
2001 G
. I 2010, , 36% 1.1%
. T 8.4% 2010
1%).
: 1.A : 1D=1250
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5.8%
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15.5%
14.4%18.0%
7.1%
26.0%
0.00
0.50
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A07
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,
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esCapResourceInvestmentCapital
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M
C
M
R
O
10
010
20
30
40
50
60
70
80
A10
A
,%
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B S
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 53
10.4.1 L (L)
T 2008/2009
. A 2009, NPL $60 , $48
, $33 , $28
NPL 2009, $435
. T NPL 7.2% 20%, ,
.
: B
10.5 B I
: B
0 5 10 15 20 25 30 35
A
M
M
C
W
O
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15.0
20.0
25.0
J08
M08
M08
J08
S08
N08
J09
M09
M09
J09
S09
N09
J10
M10
M10
INTERBANK INTEREST RATES, %
2009, 2.8
2009, NPL 12.8 20%
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B S
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 54
C MNT
( ) USD .
: B
C MNT
( ) USD .
: B
0.0
0.51.0
1.5
2.0
2.5
3.0
3.5
D08
F09
A09
J09
A09
O09
D09
F10
A10
J10
WEIGHTED AVERAGE OF CURRENT ACCOUNT INTEREST
RATES, %
C IR, MNT C IR, USD
5.0
6.0
7.0
8.09.0
10.0
11.0
12.0
13.0
14.0
15.0
D08
F09
A09
J09
A09
O09
D09
F10
A10
J10
WEIGHTED AVERAGE OF TIME DEPOSIT INTEREST RATES
(12 MONTHS), %
T D IR, MNT T D IR, USD
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ResCapResourceInvestmentCapital
24 2011
RC M 101 P 55
W F 1998 48% MNT
40% USD, F 2010
20% MNT 14% USD.
: B
10.6 B A
T M , 69%
.
A T D B , A 2010
$2.4 , (NPL)
$268 (16.1%) $46 (16.5%) ,
$29 (25.5%),
. T
3.7% H2 2010 4.9% H2 2009. S
M.
TDB G B K B X B
I R 5.0% 2.5% 5.4% 1.7%
: , 2010
I 2009 , ,
, 61% . A
40% CAGR 2004 $124 Q1 2010. T
0.0
10.0
20.0
30.0
40.0
50.0
60.0
F98
N98
A99
M00
F01
N01
A02
M03
F04
N04
A05
M06
F07
N07
A08
M09
F10
AVERAGE MONTHL LOAN RATES, %
L , MNT L , USD P
H2 2010:T : $2.4 P 16% NPL 16.5%
Q1 2010: A. = $124
A
: 1USD = 1250MNT
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ResCapResourceInvestmentCapital
24 2011
RC M 101 P 56
GDP
2008 2009.
2008 2009L (% GDP) 40.1 37.0
D (% GDP) 36.3 52.6
: B , EI C A 2010
ASSET QUALIT B INDUSTR, AS OF 31 DECEMBER
2008 2009
P P N
P P N
A, ,
84.7% 4.2% 11.1% 73.3% 2.1% 24.6%
M 74.2% 9.6% 16.3% 78.0% 4.0% 18.0%
M 90.9% 3.5% 5.6% 76.0% 4.2% 19.8%
E, ,
88.4% 11.1% 0.5% 76.8% 3.5% 19.6%
W , ,
96.9% 0.3% 2.8% 98.0% 0.3% 1.7%
C 83.4% 6.0% 10.5% 62.1% 7.7% 30.2%
W ,
92.1% 2.2% 5.8% 80.0% 4.1% 15.9%T 81.7% 1.1% 17.2% 67.6% 7.7% 24.7%
A
95.2% 1.4% 3.3% 87.9% 3.4% 8.7%
I 82.9% 8.6% 8.5% 91.9% 0.4% 7.8%
F 94.5% 0.1% 5.4% 85.9% 0.4% 13.7%
R 92.5% 1.6% 5.9% 81.9% 6.8% 11.3%
P,
94.7% 0.0% 5.3% 85.9% 12.5% 1.5%
A
92.6% 1.9% 5.5% 74.9% 15.2% 9.9%
P ;
99.5% 0.0% 0.5% 97.6% 0.6% 1.8%
E 72.8% 1.7% 25.5% 73.7% 3.3% 23.1%
H
94.8% 1.7% 3.6% 90.6% 1.8% 7.5%
O 93.3% 2.6% 4.1% 91.4% 2.2% 6.4%
T 89.3% 3.6% 7.1% 78.0% 4.6% 17.4%
: B
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B S
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 57
10.7 B C
T B
M MNT 8.0 ($6.4 ). M T D B ,
14% 2010 (2.3%
) 13.3% 2008.
TDB G B K B X B
C A
R13.9% 14.5% 17.2% 13.9%
: , 2010
10.8 B L (2010)
T T D B
M. C B
L M. A B L M 2010
.
10.8.1 A B L
T B S
B B M (BM) :
,
A
,
.
C
M BM
MNT 8.0 ($6.4 1USD = 1250 MNT ).
A , ,
BM
A /
M . = $6.4
2010 . = 14%2.3% )
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B S
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 58
A
BM M F (MF)
L D G (2008)
I D G L N 2012,
M G
M
F
D ,
L E D S T N C(2009)
A M
MNT (
)
MNT
S , ,
,
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A
,
MF
MF
T A C
,
MF
M :
T A C (26 ),
T N A C P A (200
)
T U F S A (MF )
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B S
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 59
10.9 B 2010
T D B :
I Q3 2010
17% 25%
N 2009.
G NPL 2010.
R , ,
, .
B 50
30% $690 .
MNT $1.3 2010 (51%
), ,
D G L
N
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B 2010. N,
M
. B ,
.
O , M
,
.
D
. C
.
T A Z
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,
.
P D G L . T
. A J 2010
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. T ,
:
NPL % 17%L NPL R .. B MNT 51% N ..
W
G
C
B
BM
L D G
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B S
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 60
,
BM
T ,
,
.
A D G
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T C B
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 61
11 C B
B (B) . I G.
A B M,
, ,
,
S . T B
G, 12 B D
L.
11.1 B
F BM P
B, 12
. B
:
C
D
D
C
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,
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B
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I B M,
C B B. T
C B 7 B M
J 2007. W
,
M . T C B 7
W
. A :
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T C B
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 62
R (15%) = +4%
C (19%) = +8%
O (20%) = +9%
: B
I J 2007, B M 6.4%. I O
N 2007 B 1%, M 2008 1.35%
0.5% S 2008, 10.25%. B
N 2008, 9.75%. B 2008/ 2009
34% M, BM
14%.
T B M, J S 2009
10%. D 2009/2010 (), A 2010
H D F ,
. T B M 1%, 11%.
: B
11.3 C B
11.3.1 C
B
90 , . T
8% 2010. I 2009, C B
$84 . $77
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C L R
7.0
8.0
9.0
10.0
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13.0
14.0
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F08
A08
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F09
A09
J09
A09
O09
D09
F10
A10
J10
A10
O10
D10
BANK OF MONGOLIA POLIC RATE, %
P R
J 07 6.40%O 07 7.40%N 07 8.40%M 08 9.75%S 08 10.25%
( = 34%)M 09 14.00%S 09 10.00%A 10 11.00%
BM 90 . 2009 = $84
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T C B
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 63
11.4
A B M T. T
M, . A
,
, 2 . B
,
BM
. CPI 8%
S M P G (2010). I CPI 8%
I
, .
11.5 B F
11.5.1
A
9%
, .
11.5.2
L R 4% 90
, , M C M
(MIK). $367 2009
16.84%.
N
M
$367 2009
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T C B
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 64
11.6 C B B
: B
T M 95% ,
. A , ,
, . T C B B
.
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
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O98
J99
A00
J01
O01
J02
A03
J04
O04
J05
A06
J07
O07
J08
A09
J10
CENTRAL BANK BOND RATE, % (19982010)
M
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M T S
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 65
12
10% 3 ($2.4) 25% 3. A 10%
12.1 G
A M , . T
S G K (P) M
.
12.1.1
T , ,
, , :
1) A M;2) A M,
M;
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12.2 C I
12.2.1
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, .
A
M.
P M
:
A M;
A
M;
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M T S
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 66
N M :
A M
;
A M
A
:
B (, );
P;
T / ;
A , .
12.2.2
I 03 MNT,
10 . I 3 MNT, 300 MNT 25% 3 MNT.
T' :
I 10%;
I 10%;
I 40%;
I , ,
40%;
I 2%;
I 10%;
I 30%;
I
, 20%
T M
20%:
D
M;
L
I , ,
, , ,
;
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M.
12.2.3
T :
I ();
I 1.
.
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M T S
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 67
T M
;
I '
.
12.3
12.3.1
A M,
M
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M.
A M
T M:
A M;
A M 183
;
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A M
A
M 183 .
12.3.2
A 10%
.
T :
T 2%;
T , ,
, , ,
,
,
,
5%;
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M T S
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 68
T , , 40%
12.4 A (A)
V A T 10%
M, M.
12.4.1 A
VAT M:
W M;
A M ;
G M
M.
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M S E
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 69
13
E , 2010
13.1
I 1991, M G M S E
(MSE) P P
. D
1991 1995, $17
$8 M, 475
MSE.
A M P S E T
C L 1994 1995 ,
28 . B
1996 2004, MNT38.8 ($32.1)
,
. A N 2010, 325
MSE 80%
20%. T 30
MSE.
NUMBER OF LISTED COMPANIES
: F C (FC)
S 1996, MNT275.7 ($233.2)
, MSE. T
1996
475458
436 430 418 410 401 403 402 395 392 387 383 376358
325
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
1991 MSE
475
1994: L S E1995: T C L
19962004: $32 . A
N 2010: 325 MSE, 30
S 1996: $233 ,
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ResCapResourceInvestmentCapital
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RC M 101 P 70
2001. T , MNT200.2 ($171)
MNT12.9 ($11) .
GOVERNMENT BONDS, MNT BILLION
: E
CORPORATE BONDS, MNT BILLION
: E
S IPO MSE 2005 H M,
14 IPO $51. O , 1 IPO ,
.
0.1 11.1
30.841.721.712.56.8 4.5
39.6
1.5
30.0
200.2
0.0
50.0
100.0
150.0
200.0
250.0
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
19962010
1.202.96 2.74 1.81 2.60
0.69 0.42 0.50
12.92
0.0
2.04.0
6.0
8.0
10.0
12.0
14.0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
20012010
14 IPO $51: 1 IPO
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M S E
ResCapResourceInvestmentCapital
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RC M 101 P 71
FUND RAISING THROUGH IPO, MNT BILLION
: E
A MSE 10
E, MOU 7 ,
F EA S E (FEAS) A O S
E F (AOSEF), M S E
L. P
, M C/GDP
15%, M
. R, L S E
MSE
, E.
13.2
T MSE T20 3
:
1) E, O T, A, T T, ,
, 2 3
GDP ,
, .2) I 10%
.
3) I MSE (
1).
I , MSE
.
0.04
8.42
16.95
34.01
2.70 0.40
62.52
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2005
2006
2007
2008
2009
2010
2
0052010
M C/GDP = 15%
LSE
T20 6 3
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ResCapResourceInvestmentCapital
24 2011
RC M 101 P 72
T 2010
T T ( TT), MSE
C, $170 300% .
S O, M, $115
325% . B,
MSE, $110 185%. S G,
MSE
JORC , $52
525% YTD.
O MSE, 15 , 10
5 . B 6
$5 .
I ,
18 M
, $29 5 M GDP, M
.
:
T T ( MSE,
) 300% ($170)S O 325% ($115)B 185% ($110)S G 525% ($52)
15 MSE
A 18 M
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14
R
R
S(
2
T
2
S
M
O 27% M 1:50000
P , T T
R
RC M 101
14
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M
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7% M
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011.
,
, ,
: B C
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06
1994: QGX G
M
1990: M
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J 2002: C
B
M 2000: I
M
2004: W
P
M
2006: W P
T
2009: C
W P
()
esCapResourceInvestmentCapital
P 73
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. D
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.
M C ,
.
. O
1:50000, ,
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, T
.
07 08 09 10
J 2008: P
U
2009: W P
T
O 2009: C
CIC $500
SGQ
$700
2009: O T
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M
ResCapResourceInvestmentCapital
24 2011
RC M 101 P 74
M , , , , ,
, , . T
$1.3 . A , ,
. W
,
,
M . N
81% M , 32%
30% GDP. T 45
, 5%
. T
. N
M ,
. I R T, P,
S, J K
, M
.
:
A P P P
C 2006 2007 2008 2009 R R
C 8 8.8 9.8 13.2 20 152
C 0.37 0.37 0.36 0.37 67.3 1.2
G 22 17 15 10 136 125,000
I 0.18 0.26 1.39 1.38 264 1.6
U 0 0 0 0 62,000
: & A
0
50
100
2002 2003 2004 2005 2006 2007 2008 2009
ROLE OF MINING SECTOR IN NATIONAL ECONOM, IN %
I GDP I I
E =$1.3
M :
81% 32% 30% GDP
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ResCapResourceInvestmentCapital
24 2011
RC M 101 P 75
MAJOR PLAERS
C C G I U
ET T
E C G D S KR
SG
R
I
M/R
T
MAKI M
I
W
P
E
R
W
P
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RC
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RA
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P EV
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A M
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X M
MAK
REVENUE FROM EPORTS,
: E
500 485
13385 98
137
35 41
0
100
200
300
400
500
600
Copper
Coal
Gold
Zinc
Crudeoil
Ironore
Molybdenum
Fluoride
2009 2010
M 2009 2010
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ResCapResourceInvestmentCapital
24 2011
RC M 101 P 76
14.2 E G M
T 99.1% M
1:200,000 T 27.1% M
1:50,000
1:500,000 84%
M
22.5% M 1:200,000
1:100,000
T 60% M
1:200,000
T 1:50,000 1:25,000
32% M.
: A
T 27.1% M
1:50,000
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ResCapResourceInvestmentCapital
24 2011
RC M 101 P 77
: A
14.3 L
E M L T
Q A, H
Q A, H
Q A, H
D
C
2,572 22.89 746 0.24 3,318 23.13
F
C
1,087 16.08 339 0.22 1,426 16.30
T 3,659 38.97 1,085 0.46 4,744 39.43
S: A (1
2010)
: A
T 60% M
1:200,000
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ResCapResourceInvestmentCapital
24 2011
RC M 101 P 78
14.4 C
C M . I
, , , , M T S
A C. T ,
, R C.
: D B
COAL RESOURCES
S: A
B , T T (TT) M ,
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