Mongolia's Mining Wealth

SHARYNGOL DISTRICT, DARKHAN-UUL, MONGOLIA - 2013/09/29: An elderly nomadic man stands outside his "Yurt" (a traditional Mongolian tent), he has lived his whole life as a nomad whilst his two sons have chosen to work in the mining industry as it is now a booming industry for the country's economic growth. Mongolia today is known for its large deposits of copper, coal, gold and earth elements required to build circuit boards for today's computational technology, buried right under the country's soil. The government not only encourages people to mine for wealth but has also created plans of their own to further develop the country's mining industry and general infrastructure by allowing more privatization in Mongolian companies. In 2012, Mongolia scored the highest percentage mark for rapid growth at a staggering 17% compared to 11% in 2013. However, the general economic situation in Mongolia isn't so stable; with an inflation rate of 10% per year, damages will eventually be done to the country's rapid economic growth. The country is also vulnerable to many natural disasters including desertification as the Gobi desert continues to advance year by year. Overuse of land has also caused a lot of erosion, which leaves Mongolia at risk for future events that will affect the country's economic growth. (Photo by Jonas Gratzer/LightRocket via Getty Images)
SHARYNGOL DISTRICT, DARKHAN-UUL, MONGOLIA - 2013/09/29: An elderly nomadic man stands outside his "Yurt" (a traditional Mongolian tent), he has lived his whole life as a nomad whilst his two sons have chosen to work in the mining industry as it is now a booming industry for the country's economic growth. Mongolia today is known for its large deposits of copper, coal, gold and earth elements required to build circuit boards for today's computational technology, buried right under the country's soil. The government not only encourages people to mine for wealth but has also created plans of their own to further develop the country's mining industry and general infrastructure by allowing more privatization in Mongolian companies. In 2012, Mongolia scored the highest percentage mark for rapid growth at a staggering 17% compared to 11% in 2013. However, the general economic situation in Mongolia isn't so stable; with an inflation rate of 10% per year, damages will eventually be done to the country's rapid economic growth. The country is also vulnerable to many natural disasters including desertification as the Gobi desert continues to advance year by year. Overuse of land has also caused a lot of erosion, which leaves Mongolia at risk for future events that will affect the country's economic growth. (Photo by Jonas Gratzer/LightRocket via Getty Images)
Mongolia's Mining Wealth
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Credit:
Jonas Gratzer / Contributor
Editorial #:
482579277
Collection:
LightRocket
Date created:
September 29, 2013
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Source:
LightRocket
Object name:
_DSC8550
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5000 x 3337 px (16.67 x 11.12 in) - 300 dpi - 4 MB