Mongolia to channel natural resource riches into new sovereign wealth fund

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By Michael Kohn in Ulaanbaatar Deep below Mongolia’s vast territory lie billions of dollars worth of coal, copper, gold and other minerals. How to ensure these natural riches are spent wisely and saved for the future has long been debated in the country but the government sees a new sovereign wealth fund (SWF) as the answer. Mongolia is no stranger to sovereign funds, having set up several over the past two decades. But this fund would be the first to manage domestic assets wholly or in part. And state-owned mining enterprise Erdenes Mongol LLC is seen as best positioned to handle the job. Tra…

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