Monday, June 30, 2008

Election Results

The rural votes have been counted, and with urban votes currently being counted, it looks like the MPRP has taken 44 seats (38 in the country and 6 in the capital), the DP 21 seats and independents 3 seats. Votes for the remaining seats are still being counted. Final results are expected tomorrow, but it appears that the MPRP has an absolute majority in the parliament and the former communists will be the ones tasked with bringing Mongolia's inflation under control and determining how to appropriately exploit the nation's mineral resources. The early results were sufficient to drive up Ivanhoe Mines' stock around 9%.

3 comments:

Christian said...

That's curious that Ivanhoe's stock would go up like that.

On the one hand, the MPRP is all in favor of 51% state ownership of the big "strategic" projects Ivanhoe is trying to develop. On the other, maybe people are just hoping this will lead to *something* finally moving forward on those projects, even if Ivanhoe becomes a minority owner of them.

I guess all we can do is wait and see?

Chris said...

While the MPRP doesn't present a solution ideal to Ivanhoe's situation, it is likely seen as better than the gridlock of a hung parliament. At least now, the venture can proceed, even if it isn't on the most advantageous terms.

Christian said...

That's what I was getting at.

Something is definitely better than nothing.

I just hope it actually does become something.