Then in the 17th century Mongolia was conquered by the Manchu-led Qing dynasty.
Both have gone their own way for the past hundred years, but the history lesson is worth remembering, because Mongolia’s mining development today is dependent on its giant, resources-hungry neighbour.
As a result, the China-Mongolia dynamic plays a big role in shaping foreign investment policy – like the foreign investment law that was passed earlier this year in response to Chalco’s attempt to buy a majority stake in a Gobi desert coal mine.
Even though Chalco has since walked away from that deal, China already plays a dominant role…
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