India and Mongolia are likely to sign a ‘preliminary’ agreement for collaboration on geological exploration and mining projects aimed at increasing the supply of coking coal and copper, Indian government sources said on Friday, January 10.
According to the sources, India’s Cabinet of Ministers has approved the signing of a memorandum of understanding between the two countries and a formal document is expected to be signed soon.
Mongolia has significant deposits of copper and coking coal, while India is mostly dependent on imports to meet its rising demand for these commodities.
Additionally, both India and Mongolia have been working on a trade route to supply copper and coking coal as Mongolia is a land-locked country, the sources said.