[video] Mining brings new hope to Mongolia

Author: Stan Grant, CNN [USA], Published on: 2 May 2011

"Mining mania" sweeps across Mongolia, but will the average citizen benefit? Stan Grant reports. [A third of the population lives in poverty, but if some forecasts prove to be true fortunes may be about to change. The race is on for Mongolia’s copper, gold, coal, and iron ore. The Government hopes to raise $25 million of investment in the next five years and GDP is forecast by some to triple over that period. But economists also warn of a resource curse; a young democracy overwhelmed, wealth feeding corruption. The Government is working on laws to root out exploitation and tighten mining regulations. The country’s leaders know that stakes are high; whether the natural resources enrich the people of Mongolia - that is going to be the challenge of this Government.]

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