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Mongolians head to the polls to elect a new president in a tight race that will help determine when and how the country will reach consensus on working with foreign investors to tap its vast mineral wealth.

Most immediately at stake is whether parliament can quickly ratify a long-awaited draft investment agreement on the $US3 billion ($A3.88 billion) Oyu Tolgoi copper and gold project, set to be developed by Ivanhoe Mines and Rio Tinto.

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