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Mongolia Wants To Emulate Western Resource Sovereign Models

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Deep in Mongolia lies Tavan Tolgoi, otherwise known as Five Heads. It is located 550 kilometers from Mongolia’s capital Ulaanbaatar. Tavan Tolgoi is one the largest deposits of coal in the world. Sovereign wealth funds and other investors have been investing in several coal mining operations.

Now that Mongolia has opened up Tavan Tolgoi allowing private companies to develop mining operations, the country is contemplating ways to best utilize its mineral revenues.

Chinese, Russian, and American companies are developing parts of the block. The estimated value of the mineral deposits is a bit greater than US$ 1 trillion. The Government of Mongolia is trying to figure out a way to best serve its citizens. Dutch disease can be a curse and crush ailing industries. The Government has publicly stated it wishes to avert that scenario.

The Prime Minister of Mongolia sees promise in how the Norwegians, Canadians, and Chileans handled their resource surpluses.

US Becomes the Largest Crude Oil Producer in the World

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With the onset of fracking technology and a flood of capital entering the Texas energy market over the past decade, the United States is now the largest producer of crude oil. According to the U.S. Energy Information Administration, on September 12th, they revealed, “The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999.”

Light sweet crude oil grades have rapidly expanded since 2011.

With two months remaining before U.S. sanctions go into effect against Iran, Iran’s crude exports are falling fast. European oil companies are exiting Tehran fearful of the repercussions of sanction violations, coupled with the country’s currency crisis. Iran’s influence over global oil prices have dwindled.

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Trump Goes Across the Political Aisle to Nominate Nellie Liang to Federal Reserve Board

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U.S. President Trump nominated Nellie Liang to the Federal Reserve Board of Governors. She is a long-time staff member of the Federal Reserve, joining in 1986 as a research economist. Liang must still be confirmed by the U.S. Senate pending the job post. She is a graduate of University of Notre Dame in 1979 and received her doctorate from the University of Maryland in 1986.

Ms. Liang is a registered Democrat.

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Ivanhoé Cambridge to Acquire Callahan Capital Properties

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Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), signed a deal to acquire Callahan Capital Properties (CCP). Eastdil Secured advised on the transaction. CCP is Ivanhoé Cambridge’s investment partner of six years.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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