The republic of Mongolia is currently being wooed by the London Stock exchange, Hong Kong Exchanges and Clearings, and Nasdaq. The issue is the listing of Mongolian Mining Companies. The estimated mineral wealth of Mongolia is said to be vast despite limited exploration in the country.
Prime Minister Sükhbaataryn Batbold said at a forum in Hong Kong on April 12, 2010 that the major state owned companies in energy and infrastructure will seek to raise money by selling shares in international stock exchanges besides the local ones.
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The average daily turnover of the Mongolian exchange is about $100,000 this year, according to Khangai Altai, chief operating officer of the Mongolian Stock Exchange. That compares with HK$64 billion in Hong Kong, according to data compiled by Bloomberg.
Officials from the Hong Kong Exchanges and Clearings have been in touch with Mongolian mining companies ever since Rio Tinto and the Canadian mining group Ivanhoe signed a deal with the government in Ulan Bator to develop part of the Oyu Tolgoi copper mine last October.
The Ulan Bator government is also hoping to attract investment for the Talvan Tolgoi coal mine. Analysts say the project could be worth as much as $2bn. The proximity to China also helps as the market is so close by.