James J. Schaeffer Jr., Executive Director of Mongolia Energy Corporation, which holds mining concessions of coal, ferrous and non-ferrous metals in Mongolia, has told The Mongolian Mining Journal that “Mongolia is the right place to be”. He is sure development of its energy and mineral resources by various companies will bring robust economic opportunities to Mongolia. The company’s own Khushuut coal project  in the west of the country is not very big by international standards, but it will create significant employment opportunities, and also encourage a lot of other industries to grow around the mine, meaning there will be more jobs and income for the local people.

Appreciating Mongolia’s “perfectly legitimate desire to produce final products”, he said the country is certain one day to get to the point of eventually producing coke from metallurgical and coking coal and then producing steel, but “some people are trying to move a little too quickly”. The first need is “to get the basic mining going, creating and spreading a stable environment for investors to come in”.

Schaeffer commended the Mongolian Government for supporting the growth of the industry. His company is listed on the Hong Kong stock exchange, and, he emphasized, this means, “We raise money in Hong Kong which we then invest in assets in Mongolia. This is sometimes wrongly seen as our taking assets from Mongolia and investing them in Hong Kong.” The company’s corporate philosophy is to reach out to the needs of the community.