BHP posts second straight year of record iron ore production, beats estimates
The world's largest listed miner said iron ore output from Western Australia on a 100% basis was 76.8 million tonnes in the three months to June 30.
Mongolia is capping foreign investment in certain industries, including mining, in an attempt to keep profits inside the mineral-rich nation’s borders.
Wall Street Journal (sub required) reports that Mongolia’s parliament has approved a new law that caps future foreign participation in some sectors:
When it goes into effect, the law will require foreign investors to obtain government review and parliamentary approval for investments at 49% and above into industries such as resources, finance, telecommunications and media, according to analysts in Ulan Bator. The cap is specific to deals valued above about $75 million.
The legislation comes ahead of elections set for June.
Reuters reported earlier this month that the provisions were watered down, fearing a backlash by foreign investors in the mining sector – the foundation of the country’s economy.
Last year gross domestic product in the nation of fewer than 3 million people expanded by 17.3% and this year it should easily top 20% thanks to billions of dollars of foreign investment in the country’s coal, copper and gold mining industry.
Comments
Stanciu Nicolae
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