In a speech on Tuesday, Defense Minister and MP L.Bold called for the Government to distribute ten percent of the shares in the Oyutolgoi deposit mine to Mongolian citizens.
He said one goal of Mongolia’s growing economy should be to ensure that wealth is distributed equitably and fairly.

He noted that Mongolia’s economy cannot depend entirely on raw materials, citing price fluctuations such as that of copper, which sold for about USD 1,200 per ton in 1998 and USD 9,000 in 2009. He said fluctuating prices can destabilize the economy.

L.Bold noted that the state has allocated cash to citizens from export income, and that these “allowances” have given rise to laziness in some people. He said this is a symptom of the so-called Dutch disease, whereby resource-rich nations mismanage their wealth.

The minister said ten percent of Oyutolgoi shares should be owned by Mongolian citizens, just as ten percent of the shares in the Tavantolgoi deposit mine will be distributed to citizens. He said political parties should determine policies to ensure that not only a small group of people gets wealthy while the rest of country stays poor.

L.Bold noted that Mongolia’s economic goals should not be to merely build factories, start businesses, and create jobs, but also to develop the nation and share its wealth fairly.