Hong Kong-listed North Asia Resources (NAR), a mineral exploration and development company, plans to put its iron ore project based in Mongolia into operation in 2011, local Mongolian media sources have reported, citing NAR's vice president Xie Nanyang.
According to Mr. Xie, NAR currently owns around 150 million mt of iron ore reserves in Mongolia. Iron ore trade accounts for 80-90 percent of NAR's sales income, he added.
In December 2010, NAR signed an agreement with China Railway Mongolia Investment, a Mongolian subsidiary of China Railway Group, to set up a joint venture (JV) for resource trading and logistics services, to be named North Asia Energy Group. NAR will hold a 60.2 percent stake in the JV while China Railway Mongolia Investment will take a 29.9 percent share.