Hailed as one of the last frontiers for resources exploration, the central Asian country of Mongolia is thought to have $1.3 trillion in untapped mineral deposits, including coal, copper, iron ore, zinc and gold, beneath its vast deserts and steppes.

Over the past four years, the country’s mining companies have ramped up their output, and foreign resources giants are increasingly investing in the region. This year alone, Mongolia will see gross domestic product growth of 17.2%, according to the International Monetary Fund.

But if Mongolia is to enjoy the spoils of its natural wealth, the country’s capital markets have to be reformed – starting with its fledgling national bourse.

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