Expected costs of one phrase of the project have risen by as much as $1.9bn from the original estimate of $5.3bn
IT IS HARD to overstate the importance to Mongolia of the Oyu Tolgoi mine. By the time it is completed it will be the world’s third-largest copper mine, with an expected life of 50 years. It will also yield gold. The biggest foreign investment ever made in the country, it has already cost $11.9bn, and will cost billions more before it is finished, in an economy with an expected GDP this year of just $13.5bn.
As for alleged corruption, it was perhaps inevitable that the money suddenly sloshing around Mongolia as its potential as a mining cornucopia began to be realised would lead to allegations that some was being siphoned off. Two former prime ministers—the incumbents in both 2009 and 2015 when the contracts were signed—were last year detained for two months by an anti-corruption watchdog.
The first is that the bonanza Mongolia expected from the project is yet to materialise. The global copper market moved against it soon after construction started: between January 2011 and December 2015, the metal’s price fell by more than half. When the first contract was signed in 2009, Oyu Tolgoi was expected to add five percentage points a year to Mongolia’s annual growth rate between 2013 and 2020. Growth did indeed reach an astonishing 17.3% in 2011 as the mining frenzy took hold.
France Dernières Nouvelles, France Actualités
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