Sitting in his traditional tent, Khaidav, a retired teacher, dreams of the wooden house he will build after 1m tugriks ($760) lands in his bank account this summer.
More than a million Mongolians like Khaidav, who goes by one name, will become tugrik millionaires as they sell shares in Tavan Tolgoi – the world’s third-biggest coking coal deposit, which is helping fuel the country’s resources boom – to the government.
Mongolia, a resource-rich country of 3m people, with a per capita gross domestic product of just over $3,000, has introduced policies to share its growing mineral wealth with its citizens.
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