bounce, page-12

It's hard work alright but I think we're back to where we were before the recent sell-off (so things may slow down a bit from here).

If you've not seen it, here's some brighter news re Mongolia's Foreign Investment laws ...

Source: FINANCIAL TIMES
By David Pilling in Ulaanbaatar, Mongolia
May 29, 2012

Mongolia is willing to reopen negotiations on a controversial foreign investment law after next month’s parliamentary elections, according to the country’s president.

Known as the Qatar of central Asia because of its massive mineral potential, Mongolia is attracting keen interest from companies such as Rio Tinto, the Anglo-Australian miner, Peabody Energy of the US and China’s Shenhua group. But foreign mining companies have complained that a law, rushed through parliament this month after China’s Chalco sought to take control of a coal mine in the Gobi desert, could badly damage the investment climate.

In an interview with the Financial Times, Tsakhia Elbegdorj, the president, conceded there were problems with the new legislation.

“Personally I don’t think this is the best law. There are many issues that deserve criticism,” he said. “We are always open to improve it, including listening to the suggestions of countries and organisations that are willing to invest in Mongolia.”
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The criticisms must have really stung for the President to make such a frank statement before the elections.

Whether it will lead to a 'come back Chalco, all is forgiven' I'm not sure, but a face-saving solution should be possible (if only the Chinese can stop treating their neighbours as if they were, well, Chinese).

Good luck.