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The state owns all mineral resources found on or under the earth's surface, except for water, petroleum, and natural gas. Therefore, according to the law, the state grants exploration and mining rights and licenses. Anyone, Mongolian or foreign, can hold an exploration license, but only legal persons registered in Mongolia can hold a mining ...
Mongolia has complicated tectonic and structural geology, belonging to the Mongolian-Okhotsk Mobile Zone, between the Siberian Platform and Chinese Platform.The basement rocks formed during the Paleozoic in the Precambrian as Riphean age ophiolite formations experienced rifting from 1.7 to 1.6 billion years ago and again around 800 million years ago.
Mongolia's largest lake by volume of water, Lake Khövsgöl, drains via the Selenge river to the Arctic Ocean. One of the most easterly lakes of Mongolia, Hoh Nuur, at an elevation of 557 metres, is the lowest point in the country. [7] In total, the lakes and rivers of Mongolia cover 10,560 square kilometres, or 0.67% of the country. [1]
On Jan. 17, Mongolia’s first uranium mine, Zuuvch-Ovoo, was finally green-lighted with the signing of a $1.6 billion joint investment agreement between its government and French majority state ...
Mongolia supports an innate biodiversity, owing to its unique and often undisturbed ecosystems. It has some of the last populations of the world's endangered species, and has many species that can only be found within it. However, Mongolia's biodiversity is threatened by its growing population and demand for natural resources.
In early 2020s, Mongolia's economy, though experiencing growth spurred by natural resource exports, faces challenges. Over-reliance on mining, rising debt, inflation, and potential fuel supply disruptions from Russia pose risks to the country's economic stability despite government efforts in infrastructure and social programs.
Lakes in the country are mostly saline. The largest by volume is freshwater Lake Khövsgöl, a natural lake formed in a structural depression. [8] It is the second oldest lake in the world and accounts for 65 percent of the fresh water of Mongolia (2 percent of that in the world). [9]
Khetsuu Khad, the main attraction, is a natural rock formation that runs along the eastern shore. If planning to visit on your own, a 4x4 capable SUV that can handle deep sand is highly recommended.