The success of EXR's projects in Mongolia cannot come fast enough for us shareholders, I know. But I think the world's environment desperately needs the likes of EXR to be successful too.
With the rise in price of gas in the last year or so, Mongolia (or could it be 'Minegolia' lol) has significant ramped up its coal mining activity. Some 90% of the country's electricity comes from coal and coal makes up a further 30 per cent of the country's exports. And production is continuing to rise. The whole economy is dependent on it. Most of the exports go to neighbouring China. China burns more coal than the rest of the world combined, and its consumption is up again in 2023 despite a long-term plan to be net zero by 2060.
Not surprisingly, mining is the main source of water, air and soil pollution and degradation in Mongolia. So, whilst providing the benefit of lots of employment, this expansion continues to have bad outcomes for people's health, especially children, and for the way of life of the traditional herders. But with reserves of over 33 billion metric tons there is a capacity in Mongolia to keep mining for a millennium.
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