Ask a friend to summon Mongolia to mind and it is likely that the vast plain of the central Asian steppe will be the image that appears, perhaps populated by traditional, nomadic people living in sturdy tents (known as gers) that have not changed in hundreds of years. A land of wide open spaces, natural beauty and isolation far from the concerns of modern economies.

Your friend would be partly right. Mongolia is the least densely-populated sovereign nation, with just six people per square mile. Its 3.3 million people are spread across the 18th-largest country in the world, with roughly half of them in the central capital, Ulaanbaatar. Nearly a third of the population still lives a nomadic or semi-nomadic lifestyle. But since it was called out as a ‘global growth generator’ in a 2011 report by Citibank economists, the eyes of the world have been on Mongolia as a largely untapped, emerging economic power with enormous potential.

At a fundamental level Mongolia’s potential lies in its natural resources, but there are a wealth of secondary and tertiary trade and investment opportunities waiting to be unlocked. With an estimated 6,000 individual mineral deposits, it is no surprise that mining already constitutes 25 per cent of GDP and makes up 84 per cent of Mongolia’s exports, but it is estimated that at most, only a quarter of the country has been properly surveyed.

Experts project that anywhere from $1-$3 trillion of raw material wealth awaits to be discovered. This presents obvious opportunities for anyone with expertise in surveying, extraction, purification and research, as well as suppliers of equipment and machinery. But there is also a keen interest in innovative and greener mining techniques; the more energy-efficient and modern the mining industry can become, the better for all involved.

Alongside natural resources, Mongolia is acutely aware of the need to improve its transport infrastructure to enable effective trade of the raw materials produced; rail building and its related industries are a key priority for the immediate future. As a landlocked nation with few airports it depends heavily on road and rail freight links.

Similarly, any great expansion of Mongolia’s mining sector is going to place higher demands on the national power grid, which is in need of modernisation. In line with global trends, the government is keen to explore renewable energy sources, particularly as Mongolia has been rated as having the highest per capita potential for solar and wind electricity generation.

An ambitious target is in place to generate 30 per cent of electricity from renewables by 2030. There are further knock-on effects of the country’s natural riches – several mining companies are actively considering IPOs, and there is a programme afoot to develop an international financial centre in Ulaanbaatar. The expertise of the UK’s banks, consultancy firms and related financial service providers could be invaluable in developing the country’s financial sector.

Hand-in-hand with Mongolia’s economic opportunities is a recognised need for sustained investment in its education sector. The country has a strong foundation, with a solid primary and secondary system, and a growing network of universities that saw undergraduate numbers increase sixfold between 1993 and 2010.

But there is high demand for international partnerships on teacher training, for programmes to reach the country’s more remote populations, and for English language teaching. Often, educational opportunities come with corporate backing and support vocational pathways, directly contributing to the education of a specialised workforce that will support the expansion of the mining and infrastructure industries. Engineering, surveying, utilities management and urban planning are all areas of interest that are predicted to grow in the coming years.

From raw materials to city-building, Mongolia’s potential is vast, and represents a great opening for British businesses looking to discover – and be a part of – the next success story.

Sell to the world

Now is an exciting time for your business to sell to Mongolia. The Department for Business and Trade (DBT) provides a wide range of free support, wherever you are on your exporting journey.

Find out more about Mongolia and how DBT can support you at great.gov.uk

During the extraordinary session of the State Great Khural dated February 7, it was decided to send humanitarian aid to the people of the Republic of Turkey and the Syrian Arab Republic, which were affected by the deadly earthquake.

According to the decision, five tons of canned meat, one ton of candles, a thousand blankets, and 20 Mongol Gers have been sent to Turkey from the people of Mongolia.

While another five tons of canned meat, one ton of candles, and five hundred blankets are in preparation to send to Syria.

Moreover, MIAT Mongolian Airlines successfully delivered the 12 tons of relief and emergency goods, including Mongol Ger, blankets, and water to Istanbul, Turkey on February 9.

The Prime Minister of Mongolia L. Oyun-Erdene is paying an official visit to the Republic of Korea. On the first day of his visit, the Prime Minister met with the Minister of Personnel Management of Korea Kim Seung-ho.

While expressing his satisfaction with the last 30 years of continuous development of the relations between Mongolia and Korea in social and economic sectors and its advancement to the “Strategic Partnership,” the Prime Minister emphasized his will to deepen and enrich the bilateral political ties with economic content, support people-to-people exchanges, and expand cooperation in strengthening the human resources management of civil services.

“The Government of Mongolia is focusing on improving the ethics, and tightening the discipline by evaluating the public servants’ performances, in accordance with its Action plan (2020-2024). To that extent, I am glad for the opportunity to learn from the South Korean experiences on embodying the merit system principles in civil service and heightening public servants’ discipline and accountability, and to maintain fruitful cooperation on this matter.” the Prime Minister highlighted.

In response, the Minister of Personnel Management of Korea Kim Seung-ho noted that the fact that the Prime Minister of Mongolia is starting his overseas visits from South Korea, in particular, holding his first talk on the management of human resources in civil service is demonstrating the high importance that the Government of Mongolia is attaching to civil service reforms.

Moreover, Minister Kim Seung-ho highlighted that the Ministry of Personnel Management of Korea and the Cabinet Secretariat of the Government of Mongolia had been cooperating effectively for the last four years and expressed his keen interest in further expanding the two countries’ cooperation in building the capacity of civil service.

The parties agreed to accelerate our two countries’ cooperation in ensuring the leadership in human resources of civil service, re-training and engaging the core public servants in specialization courses, and conducting research and exchanging experiences on management of human resources in civil service.

Mongolian rock sensations The Hu have shared a new version of their 2022 groundbreaking single “This Is Mongol.” With featured guest vocalist/guitarist William DuVall of Alice In Chains now appearing on the updated track, “This Is Mongol (Warrior Souls)” further highlights the song’s original message of promoting Mongolian culture and empowering environmental awareness by adding English-translated lyrics, sung by DuVall — who also produced and mixed the single — and an unforgettable chanting chorus: “Hey, We are warrior souls, rolling like a river of fire / We are warrior souls, running down the dragon to slay / This is our way (This is our way).”

Meanwhile, having sold out tours across the globe and appearances at some of the top-rated music festivals including Coachella, Lollapalooza and Download Festival, The Hu will be performing their first-ever virtual concert in the metaverse on March 3rd in partnership with ARD Financial Group.

Tickets will go on-sale February 13th via hu.rocks. Throughout the show, fans will experience a virtual world created by Metaforce that highlights the The Hu’s home country of Mongolia and its traditions and cultural importance of which the band have shared throughout their music by utilizing traditional instrumentation, throat singing and singing entirely in the Mongolian language with their self-appointed brand of “hunnu rock.”

To date, The Hu have accumulated over 329 million combined streams and 290 million video views. The group has captured a diverse fanbase by landing their music on movie soundtracks (The Retaliators), creating original music for EA Games’ Star Wars Jedi: Fallen Order, being handpicked by Metallica to cover their hit single “Through The Never” on the 2021 Metallica Blacklist album alongside covers from high-profile artists including Miley Cyrus, Chris Stapleton, Phoebe Bridgers and more and being the first-ever rock/metal band to receive the prestigious UNESCO “Artist of Peace” Designation.

Young people from Kalmykia, Tuva, Buryatia, Altai and Southern Mongolia, who received the "World Mongol" scholarship, met with teacher of the Department of Mongolian Language and Linguistics of the Mongolian State University Battogtokh Ganbat and discussed the language and culture of the Mongols.

"We would like to thank teacher Battogtokh Ganbat for taking the time to have an interesting conversation with us. Scholarship recipients will participate in many exciting activities together for 5 months," the Elbegdorj Institute said in a statement.

Elbegdorj Institute (EBI) is an independent, non-profit center that aims to strengthen and protect democratic values in Mongolia. The Institute was founded in 2008 by former President of Mongolia Elbegdorj Tsakhia.

"We strive to build a strong and vibrant democracy by supporting the development of democratic institutions, practices and citizen participation. To achieve our mission, we initiate projects aimed at public policy research, training and capacity building of civil society organizations, as well as advocacy efforts," the institute’s official website writes.

The Resolution No. 36 on “Measures to Ensure Food Supply and Safety”, initiated by the President, was adopted during the plenary session of the State Great Khural. In the coming five years, MNT 1.7 trillion was planned to fulfill the domestic needs of 19 types of food products domestically. For 2023, MNT 236 billion was included in the state budget, of which MNT 130 billion will be allocated to soft loans for enterprises.

According to the resolution of the Ad hog Committee of the State Great Khural, dated January 11, 2023, at least 30 percent of the total loan shall be granted to individuals and small and medium enterprises, engaging in agricultural production, to expand their capacity, and over 10 percent of the loan shall be granted to import substitution industries and export-oriented projects step by step, depending on their performances and the loan interest shall be 3-4 percent.

The president of Mongolia Ukhnaagiin Khurelsukh visited national factories within the framework of the “Food Supply and Safety” National Campaign

“Esun Od” LLC

The “Golden Gobi” chocolate by “Esun Od” LLC entered into the market in 2004. Today, the company produces more than one hundred types of products. This year, “Esun Od” LLC introduced a new technology of chocolate production and planned to put the complex chocolate factory with museums and shops into operation in Nalaikh district, Ulaanbaatar for tourists. Six domestic factories meet only nine percent of the chocolate market, whereas the export products account for 93 percent. “Esun Od” LLC has been aiming to meet 12 percent of the domestic needs of chocolate alone in the next five years. The director of the company said that the lack of specialists and decisions related to intellectual property and VAT caused considerable difficulties in operation.

“SUU” JSC, Mongolia's first dairy factory.

"SUU" JSC, Mongolia's first milk factory, was established in 1958 with a capacity of producing 30 tons of milk to provide milk and dairy products to the population of the capital city. Now the company has more than 500 employees and the capacity to produce 70 types of 130-180 tons of milk and dairy products per day. The factory collects milk from the doorsteps of more than 2,500 suppliers in over 30 areas around Ulaanbaatar and in Tuv, Darkhan, Selenge, Orkhon, and Khentii aimags during the four seasons. Since launching the program to establish cooperatives for milk suppliers in 2022, the company has established 12 cooperatives and is planning to increase it to 22-25 this year. Moreover, the company established “Max Agro,” an intensive animal husbandry farm, in 2015 and became the leader in this field.

“LBH Technology” LLC

The “LBH Technology” LLC has been conducting research and manufacturing products in the field of biotechnology since 2019. The company supplies the mineral supplement “Mimo” for animals and livestock. The “Mimo” not only enhances the health and immunity of livestock but also improves the digestibility of a feed by 10-20 percent. Moreover, it decreases feed costs by 10-20 percent, increases the milk and meat yields by 10-15 percent and 20-25 percent, respectively and neutralizes and exudes toxins in livestock.

Mongolia, the biggest supplier of coal to China’s steel industry, is changing the way it sells its product in a bid to improve transparency and reap better returns from its top export earner.

Stung by a scandal last year that saw hundreds of thousands of tons pilfered from state stockpiles on the border, the government is moving to an auction system that will replace the long-term contracts favored by Chinese buyers and impose additional transport costs on customers. Beijing has sought to expand its coal trade with Mongolia in recent years, particularly after halting shipments from Australia, formerly its No. 1 supplier of the higher-grade mineral required for blast furnaces.

Mongolia’s mining minister, Ganbaatar Jambal, told local media last week that the goal is to sell 12 million tons via auction by July. The government intends to use auctions for all its coal sales — including the coking variety for steel mills and thermal coal for power plants — in 2024 and 2025, according to an emailed response to questions.

China is by far the biggest buyer of Mongolian goods. Coking coal imports from its northern neighbor amounted to nearly 26 million tons last year — 40% of total purchases. The new auction system also coincides with a rapprochement in Beijing’s relations with Canberra, which has seen Australian coal shipments resume after being banned since late 2021.

That presents a risk to Mongolian miners as Chinese buyers will now have more options. Moreover, long-term contracts also protect sellers from price fluctuations, and the prospects for China’s steel industry are uncertain. Mongolia may be betting on a return to growth after Beijing abandoned its Covid Zero restrictions, but the property sector, the biggest user of steel in China, remains under duress.

Sales listed so far on the Mongolian Stock Exchange, which is hosting the auctions that began this month, have totaled 128,000 tons, according to the bourse’s website.

China’s central bank will probably increase the amount of cash it pumps into the money market this week to rein in funding costs.

ByTerrence Edwards

— With assistance by Qian Chen

We have invited Mrs. My Hanh Nguyen, Programme Advisor of People in Need /PIN/ International Non-Governmental Organization, as a guest of our "Mongolia Through the Eyes of Outsiders" interview series.

Born and raised in Vietnam, worked and lived in the Czech Republic and came to Mongolia more than a year ago. We talked about her impressions of Mongolia, how she noticed things that we don't often notice, things that we have become accustomed to through the eyes of a foreigner.

Name: My Hanh (Hana) Nguyen

Citizenship: Czech

Living duration in Mongolia: 1 year, 4 months

Current position: Programme Advisor

- What was your first impression when you came to Mongolia?

- When I first arrived to Mongolia, my colleague from People In Need drove me from the airport. I remember I was amazed how vast and sparsely populated Mongolia is. As we were driving from the airport to Ulaanbaatar, we saw no one except from a few herders, horses and camels. It was incredible because it's so rare to see anything like this in other countries.

- I think you have been in other Asian countries before?

-Yes, but never to East Asia. I've been to India and Vietnam but both countries are higher in the density of population, so it's quite a different experience from Mongolia. Mongolia was the first time I experienced this part of the world

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During the weekends, I try to go ice skating or horse riding as much as I can.

- What do you enjoy most about staying in Mongolia?

-I came here mainly for work, and I've been lucky enough that one of the things that I do enjoy here is my workplace. It’s a big privilege that I can explore the country through our work and projects. Friends that I found here, both in the expat and the Mongolian-English speaking community have been extremely welcoming to me. Mongolia is also great for outdoor activities, because you get to do more things in your own time and space. I can go ice skating outdoors on a frozen river, which I’ve never seen before. I’ve seen a frozen lake, but frozen river is something unseen in the part of the world I grew up in. I can go hiking without having to follow any given trails, or horse riding without having to sign tons of papers about safety measures. When I’m on the horse, I can ride in whichever direction I want to.

- Which provinces have you traveled in Mongolia?

- I went to Khuvsgul twice, once in the spring and once in the summer. I tried horse riding in Khuvsgul and in the Terelj National Park, and it was such an amazing experience. With the wide steppes in Mongolia, this country is just made for horse riding. In most other countries, you’re largely limited by space, and you’d often have to go with a horse guide. Here, you have freedom to go wherever you want.

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I lived in the UK for nearly 2 years and to me, -15 in Mongolia feels similar to +9 in the UK.

- What do you do in your free time in here?

- During the week, I like to spend time with my friends and colleagues in Ulaanbaatar. During the weekends, I try to go ice skating or horse riding as much as I can.

- Horse riding even in wintertime?

- Not on the colder days, I struggle to go for more than 2 hours when it goes below -15 degrees. But the good thing about Mongolia is that the climate is dry, so I can just layer up during the winter and it’s fine. But in other countries like England, where there is a lot of humidity, I’m cold no matter what amount of clothes I wear. I lived in the UK for nearly 2 years and to me, -15 in Mongolia feels similar to +9 in the UK.

- So how do you adapt the Mongolian cold winter?

- Like most other people, I spend most of the week indoors. When I'm outdoors, I just use a lot of layers. Mongolian food is also great to get you through the winter – it gives you plenty of carbohydrates and stuff you need in cold weather. In this climate, a few buuz and milk tea is the nicest thing to have after a long day outside. Taking on a little fat definitely helps you to get through the winter season.

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Here, on my first ride, I could go wherever, and however fast I wanted to. I didn’t have to pass any exams or levels to be able to be able to try galloping.

- What is your favorite Mongolian traditional meal?

- One of my favorites are buuz and milk tea, and other dairy products like aaruul. It’s probably because of the way cattle is raised here; they’re mostly grass-fed and most meat you get here I assume is what would be called ‘organic’ in Europe. Cattle can be grazed outside compared to large-scale industrial farms in other parts of the world, which makes quite a difference to the taste.

- Lunar New Year is coming. I think that you have already celebrated once this holiday in Mongolia. How did you celebrate Tsagaan sar?

- In my office, we have another colleague, who studied and worked in Czech for more than 10 years. He invited me and my colleagues to visit his place, and I got to see the culture around Tsagaan tsar a bit more. He showed me some of the customs, like the small bottle that I forgot what you call. Where the sniffing comes in.

- We called that "huurug"

- Yes, exactly. I’ve already forgotten, but my colleague also showed me other customs, like the way you're supposed to greet each other during Tsagan tsar. For the rest of the holidays, I went to Terelj for a few days, hiked around and rode horses. Despite the cold, it was worth it – I tried horse riding in other countries, like in the UK, but it wasn’t the same experience. I learnt so much faster here, because I had the freedom to try things on my own, like galloping, which was really exciting.

- What was the difference between the UK British horse and Mongolian horse?

When I came, it was just after covid, so people were warning me horses wouldn’t be as tame as they had been before. They weren’t used to tourists anymore after a long break during covid. European horses are slender and tall, which can be sometimes intimidating because of the height. Here, it’s a bit easier to manage, because the horses are much smaller. The main difference is the environment though. The UK is well established for horse riding, but they’re limited by space. There, we went through a forest, and there wasn’t much room for horse riding. As a beginner, I couldn’t go on my own, had to follow others at all times, and in general, it wasn’t very exciting.

When I came here and went horse riding for the first time, the owner suggested I’d go on my own and come back in 2 hours. I was caught by surprise, because in Europe, nobody would let me go without a guide and a proper paperwork first. But here, on my first ride, I could go wherever, and however fast I wanted to. I didn’t have to pass any exams or levels to be able to be able to try galloping.

- What were the good and bad things that happened to you while you were in Mongolia?

Similar to most people around me, I’m sometimes struggling with air pollution.

- Also, People in Need is working on it, right?

- Yes. The good thing is that through People in Need’s projects, I can contribute to efforts addressing some of the main sources of pollution. For example, one of the projects is targeting indoor pollution in gers.

Another difficulty is the traffic. I’m lucky that I live nearby our office, so I don’t have to commute to work. When I can, I mostly walk, as I soon realized it’s faster than driving a car.

Another issue that is maybe less talked about are gender inequalities and gender-based violence. That’s also something we were addressing in one of our projects through education. Most of the problems I mentioned require time to solve, and I’m glad that I can contribute to addressing at least some of them through People in Need’s work.

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The type of land, the fact it’s so sparsely populated, the vastness of the land, all of this creates an environment I’d struggle to find in other places.

- What services and cultures in your country do you want to implement in here?

- I wouldn’t like to necessarily bring in culture from anywhere else, it always depends on the local context. But I do wish we could bring some cultural habits from Mongolia to other countries. Like I mentioned, Mongolians are quite laid back, which, sometimes, can make life significantly easier. For instance, if a bus is stuck in a traffic jam and you need a ride, you can catch a bus in the middle of the road. In western countries, I don’t think they’d be allowed to do that because of safety regulations. I admit that having such regulations can be useful but sometimes I miss the flexibility I can find here.

- You mention gender inequality. How did you notice through any case and phenomenon about this issue in here?

- With some of my friends, especially where there is a Mongolian girl going out with a foreigner, it tends to be the woman who’s at a disadvantage. If it was the other way round, it’d be a whole different situation. But in this case, I’ve heard sometimes people would swear at them on the streets and I’m sure it’s not a pleasant feeling when you have to be careful about holding hands in the public.

What was interesting though was to hear about the reverse gender gap. I was explained that it’s girls who are mostly sent to universities for higher education, which creates a significant disbalance between the number of educated men and women. I noticed that masculinity, sometimes toxic, is still valued, which can manifest itself in negative ways specially in intimate relationships, and sometimes result in violence. One of the projects, called Ending Gender Based Violence, was aimed at breaking these norms around gender stereotypes.

- What are the good and bad things that happen to while you were in Mongolia?

- Throughout the last year, there were definitely better than bad things that happened to me. Like most foreigners, I came here without knowing anyone, and I was quite lucky to find such welcoming working environment like I found with People in Need. Work became quite a big part of my life here.

Another of the positives is definitely having a chance to experience wilderness. The type of land, the fact it’s so sparsely populated, the vastness of the land, all of this creates an environment I’d struggle to find in other places. It’s incredible you can drive just 50km outside of Ulaanbaatar and there’s barely anybody.

- Sometimes you can build your tent for a while wherever you want.

- Yeah, exactly. The countries I’ve visited before had a lot higher population density, land is expensive, and it’s hard to find places where you could be on your own. If you go on a well-known hike on a nice day, you could quite likely bump into large groups of people on your way. Here, you climb a rock for 5 hours and you don’t see a single person during the whole time. That’s quite a unique experience for me, and I’m glad I could come to live here at least for a year.

- Tell me about your opinion about the Mongolians’ attitudes and behaviors?

- I’m quite fond of the family values here. It’s more similar to Vietnam, and it’s something I sometimes miss in the Western culture. Many of my colleagues grew up in gers, but in Czech, I don’t think anyone would be able to live with that many family members in one room. I think that’s something to highlight, because many of the traditional family values have been disappearing in other parts of the world.

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If it gets warmer, I would love to do more horse riding in my remaining time. Also, my dream was to visit the Altai mountains, as I’ve heard it’s one of the few places where nature is still untouched.

Another thing is that I find Mongolian people quite direct. I find it refreshing because when I was in England, it’d take significantly longer to get to the point. It’s a huge stereotype, but most stereotypes have a grain of truth in them – I did spend a lot of time talking about weather over there.

So, personally, I find it quite refreshing that I can be honest with people without having to be too worried about people taking offence. People here also like dark humor, which is something shared with the Czech culture. These are things that made it easier for me to adapt to Mongolia, because some cultural traits were shared with Czechs or Vietnamese people.

For me, as a foreigner, it's quite hard to figure out how to use public transport, as I can read only a little bit of Mongolian. Even my Mongolian colleagues told me they wouldn’t always know where the bus is going. It did happen to me sometimes I caught a wrong bus and had to walk all the way back in -30 degrees, but I guess that’s what a lot of people have to do.

- When will you go back and until that time what are you planning to do?

- I'll leave in about two months to do another placement with People in Need. If it gets warmer, I would love to do more horse riding in my remaining time. Also, my dream was to visit the Altai mountains, as I’ve heard it’s one of the few places where nature is still untouched. Mongolia is so large though, so it takes time to see all the places it offers.

-Thank you for your time. Good luck for your upcoming adventures.

Parabellum has defined a maiden rare earth element resource which demonstrates the scale, grade and potential of its Khotgor project in Mongolia ahead of its upcoming Scoping Study.

And while the contained resource of 2.2Mt of total rare earth oxides (TREO) is substantial at such an early stage, the endowment of valuable magnet REEs neodymium and praseodymium (making up 20% of the TREOs) is equally encouraging.

If that isn’t tasty enough, Parabellum Resources (ASX:PBL) noted a number of other potentially useful elements separate to the Khotgor REE resource have also been identified and will be followed up in future studies.

These include some 5.5Mt of P2O5 that could be evaluated as a possible fertiliser product at the Definitive Feasibility Stage.

“Parabellum is pleased to report the maiden Khotgor Mineral Resource Estimate to shareholders,” chairman Mark Hohnen said.

“We continued to be very impressed with the progress that has been achieved at Khotgor over the past 12 months with the metallurgical testwork, resource modelling, engineering studies and pilot plant construction and we look forward to presenting further project updates over the next few months.”

The initial Scoping Study is due in the second quarter of 2023 and will be followed by the DFS stage of the project.

Khotgor REE project

Parabellum has a 30% interest in Temarise Limited (UK), which holds the exclusive option to acquire 80% of Khotgor, which is located in the South Gobi province of Mongolia about 65km north of Dalanzadgad and about 530km south-southwest of Ulaanbaatar.

The Khotgor deposit is a relatively vertical, cylindrical body with a steep plunge to the north hosted within Jurassic-aged nepheline syenites.

Several phases of exploration work including targeted ground-based geophysical surveys and drilling of 59 diamond drill holes were carried out at Khotgor between 2005 and 2012, which resulted in the estimation of a mineral resource prepared to the older JORC 2004 standard.

Temarise completed an exploration program in 2022 as part of a project evaluation and Mineral Resource reassessment, which has led to the current JORC 2012 resource.

Over the next 12 months, Parabellum will continue to develop the resource database at Khotgor and future mine planning will focus on the higher-grade areas of the resource above the 1.5% REO cut-off.

As part of this, the company will carry out an infill drilling and trenching program in the second and third quarters to collect additional samples for the DFS and infill the early production stages of the project.

This article was developed in collaboration with Parabellum Resources (ASX:PBL), a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.