China, mineral-rich Mongolia ink partnership deal

China and Mongolia have signed a strategic partnership deal while Beijing has agreed to provide a $500 million loan to the landlocked but mineral-rich central Asian country.

Chinese Premier Wen Jiabao met Thursday with Mongolian Prime Minister Sukhbataar Batbold in Beijing. They signed the partnership agreement and oversaw the signing of eight other deals on economic and technology cooperation, vehicle trade and other areas.

Mongolia has been looking to sell its minerals. While visiting Hong Kong on Tuesday, Batbold said a huge copper and gold mining complex in southern Mongolia is on track to be completed next year.

Batbold also said the government is aiming to choose a bidder for the giant Tavan Tolgoi coal mine this year.