Issue link: http://resourceworld.uberflip.com/i/392638
6 www.resourceworld.com o c t o b e r / n o v e m b e r 2 0 1 4 M uch of the rapid growth of invest- ment in Mongolia's economy during the past 15 years can be attributed to the exploration successes of Canada-based Ivanhoe Mines (since renamed Turquoise Hill Resources Ltd. [TRQ-TSX, NYSE, NASDAQ] and its founder, mining entre- preneur Robert Friedland. Friedland's early familiarization with Mongolia's mineral potential, plus his extensive international experience with financing grass roots exploration and development in emerging markets, helped fuel his belief that undiscov- ered treasures lay beneath the South Gobi's stony desert – when some western mining companies, even ones that had invested in Mongolian exploration, were more cautious, or gave up the search entirely. The chain of copper, gold and silver discoveries revealed by Ivanhoe's team of international and Mongolian geologists now stretches over 12.4 km (7.4 miles) and made Oyu Tolgoi, which is Mongolian for Turquoise Hill, one of the great suc- cess stories of global mineral exploration. Ivanhoe's name was changed to Turquoise Hill Resources after mining giant Rio Tinto plc [RIO-NYSE] increased its owner- ship stake to 51% and assumed control of the company in 2012. One of the legacies of the Oyu Tolgoi discoveries is that they continue to inspire many other mining and exploration companies now investing, exploring and producing natural resources throughout sparsely settled Mongolia, creating skilled jobs and helping to raise the standard of living of nearly 3 million inhabitants. From 1996 to 1998, the Broken Hill Proprietary Company Limited (BHP), based in Melbourne, Australia, spent about US $2 million on exploration at the FIELD r e P o rt by Robert L. Wallack, Ulaanbaatar, Mongolia The efforts of Robert Friedland and his team have paved the way for other mineral explorers in this under-explored country. It is hoped that new mining regulations and a tax settlement regarding the strategic partnership between the Government of Mongolia, Turquoise Hill Resources and Rio Tinto (Oyu Tolgoi LLC) will bring back foreign investment. Mining in MONGOLIA getting back on track