Mongolia's Growing Aussie Demographic
It's a long way from Sydney's golden beaches, where you can surf all year round, to Ulaanbaartar in Mongolia, where the average annual temperature is 0°C, but this hasn't deterred Australia's largest law firm from planting its flag there.
"Mongolia was the logical next step for us," says John Weber, Minter Ellison’s chief executive partner. "It's an increasingly strategic market with a substantial resource-based economy and it is attracting the attention of the global resources industry, including Australian companies. Many of these are our clients."
Minter Ellison, which has close to 1,200 lawyers in offices in Hong Kong, mainland China and the UK, as well as throughout Australia and New Zealand, is one handful of law firms that has recognised the up-side of being on the ground to offer international-standard legal services in this emerging market.
Hogan Lovells and US-based Anderson & Anderson LLP have dedicated offices in Ulaanbaatar. Fellow Aussie law firm Allens Arthur Robinson is also there with a fly-in, fly-out service, and DLA Piper and Gibson Dunn have entered into formal associations with local Mongolian law firms.
Elisabeth Ellis, one of the Minter Ellison's senior partners, has relocated from Hong Kong to the new Ulaanbaatar office as the full-time resident partner and will be backed up by a team of Mongolian lawyers.
"I've been coming here on and off for the past 18 months preparing for the opening of the office, and what struck me is the enormous momentum of this country," Ellis said. "Mongolia is where Western Australia was 20-30 years ago. It's almost virgin territory – a rapidly emerging economy in the grip of a massive resources boom and with the eyes of global energy and resources players firmly fixed here."
According to Ellis, the country's rich coal, iron-ore, copper, gold, oil and gas, and uranium reserves are largely untapped. Mining giants Rio Tinto, Ivanhoe Mines and Vale already have a strong presence – Rio Tinto and Ivanhoe are investing billions of U.S. dollars to develop the Oyu Tolgoi copper and gold deposit – while several ASX-listed companies, such as Xanadu Mines and Guildford Coal, have assets in the landlocked country. Mining service companies are there. Others are circling.
The associated infrastructure required to support the mining projects – power, water, rail and roads – also needs to be developed and is increasingly a focus. "Intermediaries, such as the World Bank, are on the ground and have funding available. I've seen huge interest from Australian energy and resources, construction, property and financial services companies in the potential of this market," Ellis commented.
Ellis, who was born in Australia but spent the past 15 or so years working in Asia, has moved the whole family to Ulaanbaatar – three young children and her husband, an IT specialist. Helping them to settle in, no doubt, will be the large Australian expatriate community.
There are currently 171 Australian-invested companies in the country; 35 of those are on the ground. Austrade, the Australian Government's trade and investment development agency, established a permanent presence in Ulaanbaatar in September 2011. And there are an estimated 300 Australians in the country on work permits.
"Given Australia's mining expertise, it is no surprise that ties between Australia and Mongolia are strong," Ellis said. "An active program of student scholarships and exchanges between the two countries also means there is a significant number of younger Mongolians who have studied in Australia."
With Minter Ellison's strong experience in mining, capital markets, M&A and major projects, Ellis sees advising Australian and other foreign companies on doing business in Mongolia as her primary focus.
"Essentially we'll be working with foreign investors in Mongolia's mining and infrastructure sector, with construction contractors and mining service providers who are already here or coming to Mongolia, and with Mongolian companies on transactions involving overseas elements, such as capital raising. It's what we do best and where we can add real value for clients."
Asked what her family thinks about the move to Mongolia, Ellis said the children are bemused by the fact that it is quicker to make ice cubes on the balcony than in the freezer.
"They're looking forward to learning to ski and, once it warms up a little, learning to ride horses and go camping. And me? I'm looking forward to summer. It's -36°C here today, but I'm told that in summer the days are balmy, with temperatures in the 30s and glorious clear, blue skies. It will be like being back in Australia."
Minter Ellison is ranked in Energy and Natural Resources by leading global legal publishers Chambers and Partners, which independently ranks the top law firms and lawyers around the world.
"Mongolia was the logical next step for us," says John Weber, Minter Ellison’s chief executive partner. "It's an increasingly strategic market with a substantial resource-based economy and it is attracting the attention of the global resources industry, including Australian companies. Many of these are our clients."
Minter Ellison, which has close to 1,200 lawyers in offices in Hong Kong, mainland China and the UK, as well as throughout Australia and New Zealand, is one handful of law firms that has recognised the up-side of being on the ground to offer international-standard legal services in this emerging market.
Hogan Lovells and US-based Anderson & Anderson LLP have dedicated offices in Ulaanbaatar. Fellow Aussie law firm Allens Arthur Robinson is also there with a fly-in, fly-out service, and DLA Piper and Gibson Dunn have entered into formal associations with local Mongolian law firms.
Elisabeth Ellis, one of the Minter Ellison's senior partners, has relocated from Hong Kong to the new Ulaanbaatar office as the full-time resident partner and will be backed up by a team of Mongolian lawyers.
"I've been coming here on and off for the past 18 months preparing for the opening of the office, and what struck me is the enormous momentum of this country," Ellis said. "Mongolia is where Western Australia was 20-30 years ago. It's almost virgin territory – a rapidly emerging economy in the grip of a massive resources boom and with the eyes of global energy and resources players firmly fixed here."
According to Ellis, the country's rich coal, iron-ore, copper, gold, oil and gas, and uranium reserves are largely untapped. Mining giants Rio Tinto, Ivanhoe Mines and Vale already have a strong presence – Rio Tinto and Ivanhoe are investing billions of U.S. dollars to develop the Oyu Tolgoi copper and gold deposit – while several ASX-listed companies, such as Xanadu Mines and Guildford Coal, have assets in the landlocked country. Mining service companies are there. Others are circling.
The associated infrastructure required to support the mining projects – power, water, rail and roads – also needs to be developed and is increasingly a focus. "Intermediaries, such as the World Bank, are on the ground and have funding available. I've seen huge interest from Australian energy and resources, construction, property and financial services companies in the potential of this market," Ellis commented.
Ellis, who was born in Australia but spent the past 15 or so years working in Asia, has moved the whole family to Ulaanbaatar – three young children and her husband, an IT specialist. Helping them to settle in, no doubt, will be the large Australian expatriate community.
There are currently 171 Australian-invested companies in the country; 35 of those are on the ground. Austrade, the Australian Government's trade and investment development agency, established a permanent presence in Ulaanbaatar in September 2011. And there are an estimated 300 Australians in the country on work permits.
"Given Australia's mining expertise, it is no surprise that ties between Australia and Mongolia are strong," Ellis said. "An active program of student scholarships and exchanges between the two countries also means there is a significant number of younger Mongolians who have studied in Australia."
With Minter Ellison's strong experience in mining, capital markets, M&A and major projects, Ellis sees advising Australian and other foreign companies on doing business in Mongolia as her primary focus.
"Essentially we'll be working with foreign investors in Mongolia's mining and infrastructure sector, with construction contractors and mining service providers who are already here or coming to Mongolia, and with Mongolian companies on transactions involving overseas elements, such as capital raising. It's what we do best and where we can add real value for clients."
Asked what her family thinks about the move to Mongolia, Ellis said the children are bemused by the fact that it is quicker to make ice cubes on the balcony than in the freezer.
"They're looking forward to learning to ski and, once it warms up a little, learning to ride horses and go camping. And me? I'm looking forward to summer. It's -36°C here today, but I'm told that in summer the days are balmy, with temperatures in the 30s and glorious clear, blue skies. It will be like being back in Australia."
Minter Ellison is ranked in Energy and Natural Resources by leading global legal publishers Chambers and Partners, which independently ranks the top law firms and lawyers around the world.
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