China to help Mongolia develop coal

ULAANBAATAR, Mongolia, Nov. 30 (UPI) -- Mongolia's effort to attract foreign investors in its natural resources has resulted in a deal to develop domestic coal with Chinese help.

For its part, China will get an assured supply of needed fuel for its power-hungry electrical-generation sector, the BBC said Wednesday.

Mongolia, roughly the size of Alaska with large deposits of coal, copper, molybdenum, tin, tungsten and gold, is overhauling its mineral extraction laws and regulations to make it easier for foreign investors to participate in such industries.

"The leadership in the country will do its best to make foreign investors feel happy about the money they are going to bring into the Mongolian economy," said Nambariin Enkhbayar, the country's new president.

Last year, Mongolia's gross domestic product growth doubled to 10.6 percent from the previous 12 months.