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China, Mongolia seek cooperation in mining

Updated: Oct 26,2015 3:56 PM     Xinhua

HOHHOT — China and Mongolia inked eight cooperation agreements on mineral-resource exploration last week during a week-long cultural expo, which opened in Hohhot, capital of north China’s Inner Mongolia autonomous region, on Oct 23.

The agreements, which are worth over 30 billion yuan ($4.73 billion), were signed by government and enterprise representatives from the two sides during the first China-Mongolia Expo.

The projects include the exploration of nonferrous metals and unconventional gas, mining, smelting and the processing of other mineral resources.

In addition, the two countries also signed memorandums of understanding on the deep processing of a coal mine in Tavan Tolgoi, Mongolia, and on Oyu Tolgoi, a giant copper and gold mine in South Gobi, Mongolia.

Statistics in 2014 showed that China has been Mongolia’s largest trading partner and largest source of foreign investment over the past 10-plus years.

In 2014, two-way trade volume between China and Mongolia stood at $7.3 billion. Mongolia mainly exports mineral products and livestock to China.