"Mongolia may well be the world's new El Dorado. It's not just Oyu Tolgoi, and its not just copper and gold. Mongolia could be harboring a host of other valuable metals, as well as coal. How much, nobody knows, but last year mining companies spent US$100,000 just on exploration. Instead of elation, however, the buried treasure has generated controversy. A national debate is raging from the halls of parliament to the gers of the countryside over how mining should - and shouldn't change Mongolia at a critical moment in its history."
"Mining can strengthen Mongolia's nascent pluralism, or contort the government into a corrupt kleptocracy; develop the entire country, or enrich only a handful; give Mongolia control over its own destiny, or make it a victim of erratic, insensitive global markets."
"The Mongolians realize that the decisions made over the next few months could determine the future of their society for generations, and many worry that inexperienced leadership will spoil this golden opportunity."
"Mining companies say foreign investment and free markets will safely spread the wealth throughout the country. Politicians, craving popular support, promise to stand up for the common man and protect the national good. But much of the public doesn't trust either party.
Their nightmare scenario goes something like this: foreign big shots descend on their helpless nation (once again), bully or bribe their leaders (once again), cart away all the gold, make tons of money, and leave the Mongolians as a bunch of poor sheep herders."
