Mongolians head to the polls tomorrow to elect a new president in a tight race that will help determine when and how the country will reach consensus on working with foreign investors to tap its vast mineral wealth.
A pressing issue at stake is whether parliament can quickly ratify a long-awaited draft investment agreement on the US$3 billion Oyu Tolgoi copper and gold project, set to be developed by Ivanhoe Mines and Rio Tinto.
While the office of president is largely ceremonial, the contest over that symbol of national unity has already distracted parliament from working on approving the landmark agreement. Any disputes over the election’s outcome could further push back progress.
A victory by opposition Democratic Party (DP) candidate Tsakhiagiin Elbegdorj over incumbent Nambariin Enkhbayar of the ruling Mongolian People’s Revolutionary Party (MPRP) could set back foreign investors’ long-term interests.
“If Elbegdorj wins, that would be a pretty strong signal of probably more complications in policymaking over mining, given his track record on anti-foreign and populist inclinations,” said Damien Ma, of the political risk consultancy Eurasia Group.
Mongolia, whose annual per-capita income is about US$1,200, wants to use its deposits of copper, gold, uranium, lead, zinc, and coal to pull its nearly 3 million people out of poverty.
The government’s desire to formulate the Oyu Tolgoi deal as a template for future mining projects has meant negotiations have dragged on for years, as Mongolia seeks to ensure it obtains more favorable terms than with past projects.
But sealing the deal quickly is important if Mongolia hopes to realize its ambitions of becoming a mining powerhouse and take advantage of the next upturn in commodity prices.
In the meantime nearly US$1 billion in foreign loans and grants are helping Mongolia, a vast, windswept country wedged between Russia and China, through a collapse in mineral prices, particularly for its biggest export, copper, that has seriously dented income.
Any repeat of the type of unrest and ensuing legal struggles that followed last year’s parliamentary elections, in which at least five died, could postpone the Oyu Tolgoi project and other investments further, just when the country most needs to secure future sources of revenue, Ma said.
If any post-election disruptions to progress on mining were serious, there could even be a “low, but slight uptick” in the risk that Ivanhoe or Rio Tinto could become so disenchanted that they would think twice about Oyu Tolgoi, he said.
Frustration over rampant poverty and perceptions of official corruption appear to be working in favor of challenger Elbegdorj, said Luvsandendev Sumati, director of the Sant Maral Foundation, a group that does polling and surveys.
A poll by the foundation late last month showed that 37 percent of voters favored Elbegdorj, while just more than 36 percent would vote for Enkhbayar.
Polling is not permitted during the seven days prior to the election and exit polls are also banned, but Sumati said there were signs Elbegdorj had been gaining among constituencies that have traditionally favored the ruling MPRP.
Republican US lawmakers on Friday criticized US President Joe Biden’s administration after sanctioned Chinese telecoms equipment giant Huawei unveiled a laptop this week powered by an Intel artificial intelligence (AI) chip. The US placed Huawei on a trade restriction list in 2019 for contravening Iran sanctions, part of a broader effort to hobble Beijing’s technological advances. Placement on the list means the company’s suppliers have to seek a special, difficult-to-obtain license before shipping to it. One such license, issued by then-US president Donald Trump’s administration, has allowed Intel to ship central processors to Huawei for use in laptops since 2020. China hardliners
Conjoined twins Lori and George Schappell, who pursued separate careers, interests and relationships during lives that defied medical expectations, died this month in Pennsylvania, funeral home officials said. They were 62. The twins, listed by Guinness World Records as the oldest living conjoined twins, died on April 7 at the Hospital of the University of Pennsylvania, obituaries posted by Leibensperger Funeral Homes of Hamburg said. The cause of death was not detailed. “When we were born, the doctors didn’t think we’d make 30, but we proved them wrong,” Lori said in an interview when they turned 50, the Philadelphia Inquirer reported. The
RAMPAGE: A Palestinian man was left dead after dozens of Israeli settlers searching for a missing 14-year-old boy stormed a village in the Israeli-occupied West Bank US President Joe Biden on Friday said he expected Iran to attack Israel “sooner, rather than later” and warned Tehran not to proceed. Asked by reporters about his message to Iran, Biden simply said: “Don’t,” underscoring Washington’s commitment to defend Israel. “We are devoted to the defense of Israel. We will support Israel. We will help defend Israel and Iran will not succeed,” he said. Biden said he would not divulge secure information, but said his expectation was that an attack could come “sooner, rather than later.” Israel braced on Friday for an attack by Iran or its proxies as warnings grew of
A prominent Christian leader has allegedly been stabbed at the altar during a Mass yesterday in southwest Sydney. Bishop Mar Mari Emmanuel was saying Mass at Christ The Good Shepherd Church in Wakeley just after 7pm when a man approached him at the altar and allegedly stabbed toward his head multiple times. A live stream of the Mass shows the congregation swarm forward toward Emmanuel before it was cut off. The church leader gained prominence during the COVID-19 pandemic, amassing a large online following, Officers attached to Fairfield City police area command attended a location on Welcome Street, Wakeley following reports a number