Oyu Tolgoi mine

So who owns Mongolia's wealth today? Well, much of its mining industry remains under the Mongolian state ownership, although foreign companies do have a substantial stake.

Take the enormous Oyu Tolgoi copper and gold mine, for example.

The Mongolian government owns 34%, while the international mining giant Rio Tinto owns the remaining 66%.

China, meanwhile, buys the overwhelming majority of Mongolia's exports.

Of course, that was in our discussions when we were talking stock of the day in Glencore.

Uh, it has reported a strong third quarter driven by a 27% year-on-year surge in the Oyu Tolgoi copper production and a 3% rise in global iron ore sales.

Uh, also achieved annualized production run rate of 10 million tonnes at its, uh, Simandou Iron Ore project in Guinea.

Henry, what do you think?

think?Interesting.

I guess th- th- this is a company, uh, I, I guess a bit like BHP to some extent, but, you know, it's very much exposed to copper.

But it is also kind of on a bit of a pivot at the moment with the, uh, the iron ore, uh, business in Simandou and of course the Oyu Tolgoi production coming out of Mongolia.

So there are some kind of moving parts here that, um, you know, I, I've kind of...

Again today, huge volatility continues, at least in the underlying, um, market rather than the index level, which is barely registering a heartbeat at the moment.

Uh, Rio has reported a 29% growth in its Oyu Tolgoi copper production, uh, so that's good.

And we do have the CBA AGM today as well.

So we are heading towards AGM season, so plenty to come out of that as well.

A lot of well-known deposits are associated with them.

I think, uh, Oyu Tolgoi apparently has these jasperoid breccias that surface above the buried ore body.

And then below that intercept, there's another, I think, minimum of twenty-five meters of intense hydrothermal veining.

Doesn't have massive or semi-massive sulfide to the extent that we saw in what we've rushed, but it still looks very encouraging.

Oh, yeah.

Yeah, to, to, I think the, the biggest stain, probably w- the, probably the worst stains of, like, compared to Zandashatara losing his elections is, uh, Bayartsogt is very much prominently, um, uh, i- in, in, in the, in the framework of the, um, the Rio Tinto, uh, or the Oyu Tolgoi agreements, where he was allegedly had been, um, uh, uh, what do you call, like, insider trading-

Mm-hmm

... with, with people, and corruption scandals.