Mongolia plans to give every one of its citizens shares in the company that owns the Tavan Tolgoi coking coal mine, when it launches its international IPO early next year. Toshi Maeda reports the details in the video below.
Although this report states that the value of stock given to Mongolian citizens in this project is only $300 per person. This is only the first of many IPOs that Mongolian citizens will participate in. Mongolia is extremely rich in many minerals and they are only now being developed.
As I have reported, some believe that in a very short period every Mongolian will become a millionaire. For the young and extremely adventurous, who can also tolerate extremely cold winters, Mongolia is the place to be.
Whether or not every Mongolian becomes rich, this is clearly the way to do privatization. If the government is (questionably) an actual agent of the people, then, instead of selling off assets, distribute the ownership directly. None of this selling assets to multinational corps and the like.
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