Kincora drilling underway at brownfield Trundle project, NSW

Deeper core drilling commenced testing three large and mineralized porphyry targets at the Trundle project Trundle is the only brownfield project held by a listed junior in Australia’s foremost porphyry belt, and within the same mineralized complex as Australia’s second largest porphyry mine Excellent potential for new higher-grade porphyry and skarn copper-gold discoveries Vancouver, BC — April 22nd, 2020 Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) is pleased to have commenced drilling activities at the Trundle project, located in the Macquarie Arc of the Lachlan Fold Belt (“LFB”), in central west New South Wales (“NSW”), Australia. A first phase drilling program is planned for six holes and 3,800 metres, testing three known mineralized targets seeking to discover a new cluster of porphyry deposits. Extensive porphyry and skarn-style copper-gold mineralisation and informal mining activities are associated with several Ordovician intrusive centres across the full Trundle license, which is located within a prolific mining and infrastructure district. John Holliday, Chairman of Kincora’s Technical Committee, and Peter Leaman, Senior Vice-President of Exploration, commented: “Modern systematic exploration at Trundle has utilised industry leading Induced Polarisation survey's, including HPX’s proprietary Typhoon system, and magnetic modelling which has been insufficiently followed up by drilling. Existing significant drill intersections supports vectoring to very compelling targets at three existing mineralised systems within a brownfield environment to Northparkes, Australia’s second largest porphyry mine where five deposits are defined. We are very excited by the upcoming high impact and funded drilling program at Trundle.” Sam Spring, President & CEO, noted: “Our team has demonstrated Tier 1 exploration success in the belt, which coupled with unique prior exploration experience at Trundle, and the quality of prior activities and results, has supported mobilising drilling within three months of agreeing the MoU with our now project level JV partner RareX Limited (ticker “REE” on the ASX). Significant preventative measures have been taken to proactively manage the potential impact of COVID-19 and execute a successful drilling campaign. These systems and policies reflect the guidance given by the State and Federal authorities, and include sourcing the on-site-team and supplies from within the region to both reduce the risk to, as well as financially support, the communities we operate in.   We look forward to considerable news flow over the coming months in a market that is still significantly rewarding exploration success in the Lachlan Fold Belt”.

Click here to view the full 7 page and 5 image announcement Click here for Proactive Investors Deep Dive Article (April 22nd, 2020)

Further highlighted details The Assay TV interview: Richard Schodde & John Holliday: Click Here (7th April, 2020) Corporate presentation: Click Here (7th April, 2020) Kincora closes agreement with RareX: Click Here (19th March, 2020)

Upcoming events : 121 Meetings Online - Hong Kong 28 - 29 April 2020 121 Meetings Online - EMEA 19 - 21 May 2020 To find out more about 121's new online meeting format, click here

About Kincora      Kincora is a junior resource company engaged in the acquisition, exploration and development of mineral properties, with a focus on copper-gold projects in the Lachlan Fold Belt, NSW, Australia and Mongolia. For further information: www.kincoracopper.com.

For Further information please contact: Sam Spring President & Chief Executive Officer Kincora Copper +61 431 329 345 sam.spring@kincoracopper.com Enquiries: Christine Wootliff Investor Relations 121 Group +852 3628 2420 christine.wootliff@weare121.com

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Mongolia bans coal exports to help contain virus

Beginning February 10, Mongolia has stopped exporting coal to China via its four key gateways on the Sino-Mongolian border in an effort to help prevent the spread of Novel Coronavirus Pneumonia (NCP) from China, according to a Mongolian government release on Monday. The ban will last until March 3, the government noted.

The four gateways, comprising the Gashuun Sukhait, Shivee Khuren, Bichigt and Bulgan border ports, handle most of the country’s coal exports to China. Among them, Gashuun Sukhait in South Gobi province in South Mongolia, bordering Ganqimaodu (Gandsmod) in Bayanuur North China’s Inner Mongolia, is Mongolia’s largest conduit for coal exports and most of the coal delivered through the checkpoint is coking coal.

In fact, beginning last month Mongolia has urged its citizens in those areas in China with a serious epidemic situation to return home and began restricting cross-border movement since early February, Mysteel Global understands from Mongolian government web posts. However, as of then coal deliveries via the border ports mentioned above had not been affected.

“What has driven the Mongolian government to tighten the restriction was the emergence of confirmed NCP cases close to the Mongolian border,” said a Shanghai-based analyst. On February 8, two NCP cases were confirmed at Urad Middle Banner in Bayanuur city, where the Ganqimaodu checkpoint is located, according to official information.

On February 10, Urad Middle Banner also banned the entry of all vehicles and blocked all entrances to areas under its jurisdiction.

Mongolia is China’s largest foreign supplier of coking coal, and most of that country’s coal is exported as raw coal to Chinese stock yards at the border for washing prior to delivery to Chinese coal users.

Mongolian coal export volumes are usually low over January-February because of the slowdown of operations at border Customs offices during the Chinese New Year break.

During 2019, Mongolia exported 36.6 million tonnes of coal, or 1% more on year, among which almost all coal was sold to China, according to Mongolia’s official data.

“The suspension of coal deliveries to China will tighten the country’s coking coal supply, since China’s domestic coking coal miners have not fully resumed work and transportation (of coal) has been seriously impacted by the outbreak of NCP,” remarked another Shanghai-based analyst.

The impact that the halt in deliveries of coal will have on the operation of Chinese coal wash plants at the border remains unclear, as due to the NCP, some coal wash plants have also delayed restarting operations, Mysteel Global notes.

On February 11, Mysteel’s price for Mongolian coking coal with 11% ash, 25% volatile matter and 0.7% sulphur increased by Yuan 20/tonne ($2.9/t) from January 23 to reach Yuan 1,100/t including the 13% VAT.

Source:https://www.mysteel.net/

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Kincora Announces Agreement For New Priority Drilling Porphyry Project

Company announcement

Kincora Announces Agreement For New Priority Drilling Porphyry Project

Option and earn-in agreement for the Badrakh project in the Southern Gobi, Mongolia Two drill holes proposed this field season testing the potential for a preserved porphyry underlying a supergene cap Badrakh is a former high priority reconnaissance exploration project of Ivanhoe Mines Mongolia Inc. LLC (“IMMI”) Mr. Munkhbat Ania, former Senior Vice President of IMMI and Oyu Tolgoi LLC, to remain an Advisor to the Badrakh project Agreement is consistent with existing project generation and exploration strategy supporting Kincora being the most active listed junior seeking to make the next major discovery in Mongolia Vancouver, BC — November 11th, 2019 Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) is pleased have entered a agreement with Temuulen Orshih LLC (the “Vendor”), which owns 100% of the Badrakh copper-gold porphyry project (“Badrakh” or the “Project”). Field geological mapping, soil and rock chip sampling, ground magnetics and induced polarization (“IP”) has been undertaken, which underpinned a maiden shallow two hole drilling program this field season by the Vendor. This drilling intercepted a leached supergene cap hosted within an intrusion that displays phyllic and propylitic alteration, with chalcocite and chalcopyrite mineralisation. Subject to final due diligence and permitting, and post reinterpretation of previous exploration results, further mapping and geophysical interpretation, Kincora proposes to complete two deeper holes this field season that will for the first time test the potential for a preserved and large scale copper-gold porphyry system, as well as for a nearer surface supergene cap. Sam Spring, President and CEO, commented: “The agreement for Badrakh provides a path to control alongside a well credentialed vendor and partner, for a priority drill ready project underpinned by large scale porphyry targets which are favourably located to existing infrastructure and on the doorstep to China. Funds from Kincora’s project generation budget support drilling expected to shortly commence at Badrakh, following first phase activities concluding at our East Tsagaan Suvarga project. The agreement is inline with the Company’s project generation strategy, leveraging our strong technical teams experience, systematic exploration approach and being the foremost listed group pursuing further counter-cyclical expansion opportunities in Mongolia. An update for exploration activities at the Company’s existing Bronze Fox and East Tsagaan Suvarga projects is expected shortly.” Further highlighted details Epstein Research Senior Exploration Vice President interview with Peter Leaman: Click Here (23rd September, 2019) Updated Company Presentation: Click Here (23rd September, 2019) Updated Fact Sheet: Click Here (23rd September, 2019) Updated August 2019 “Introduction to Mongolia” presentation: Click Here        Upcoming events and marketing trips In November Kincora Copper will be marketing:        18 November in Hong Kong 19-21 November in London, including 121 Mining Investment: Click Here About Kincora Kincora is a junior resource company engaged in the acquisition, exploration and development of mineral properties, with a focus on copper-gold projects in Mongolia. For further information: www.kincoracopper.com.

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Mongolia eyes higher value coking coal exports; logistics key challenge

Singapore — Mongolia's coking coal exports remain an integral part of the country's export income and increased efforts are needed to compete against other coal-producing nations and solve challenging transportation issues, senior executives from trade associations and mining companies said Thursday at the 9th Coal Mongolia conference at Ulaanbaatar, Mongolia.

"The government will fully support the coal industry as it has an influential impact on Mongolia's economy," D Sumiyabazar, Mongolia's Minister of Mining and Heavy Industry said.

Coal represents over 90% of primary energy source of Mongolia, and provides one third of the country's export income, according to Mongolian Coal Association.

"Over the years, Mongolia's coking coal exports to China has increased significantly. It is a very influential industry for the economy," Zoljargal J, Executive Director of Mongolian Coal Association, said.

"While Mongolia's coal exports have increased over the years, we are faced with increased competition from the global markets," he said, referring to Russia, China and Indonesia.

With China tightening regulations related to environment and energy efficiency, Zoljargal said that it's important for Mongolia to shift from "quantity to quality" to generate higher export revenue from its coal exports to China.

Mongolia's coking coal exports are largely raw and unwashed coking coal, which reduces realized price significantly, compared to Australia, where coal exports are washed and managed with extensive blending controls, Gan-Ochir.Z, CEO of Aspire Mining Ltd. LLC, said.

Furthermore, Mongolia has a broad portfolio of coal products and will be able to achieve blend advantages. This will also help in reserving coal mines, reduce waste products and supply low price products to the market, he added.

TRANSPORTATION HURDLES

However, logistics and transportation would be a key challenge for Mongolian coal exports.

"There are existing logistic and transportation hurdles to overcome," Li Zhongmin, Vice President, General Secretary of China Coal Transportation and Distribution Association said.

The Mongolian coal trades hands between four to five parties before it is consumed by a northern China end-user, according to market sources.

The distance from coking coal mines to the Mongolia-China border at Ganqimaodu is estimated to be around 240-250 km.

However, efforts are being made to improve logistics and transportation. Tavan Tolgoi to Ganqimaodu railway link is expected to be completed in 2021 and Trans-Mongolian Railway is being expanded to increase coal throughput volume to 34 million mt/year by 2020.

Almost all of Mongolia's coking coal is exported to China, which imported 64.2 million mt of coking coal in 2018 of which Mongolian coal imports accounted for 43% of the total volumes. From January-July 2019, China imported 44 million mt of coking coal with 43% of imports coming from Mongolia.

S&P Global Platts assessed Premium Low Vol coal at $170.50/mt CFR China on Wednesday.

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Mongolia green lights Aspire’s coal reserve estimates

Metallurgical coal developer Aspire Mining has received the thumbs up from the Mongolian Mineral Reserve Council, which approved the total ore reserves estimate for its Ovoot Early Development Project, or “OEDP”.

Igor Vasilievich Milostnykh, First Deputy Director of UBTZ, and David Paull, Executive Chairman of Aspire Mining Limited (right), at the signing of the Cooperation Agreement that guarantees rail capacity for the company’s OEDP coal transport to the Mongolian-Chinese border.Picture: Supplied

In a comprehensive update, the company also outlined that approvals for its Mongolian-compliant Ovoot Feasibility Study updated with the OEDP PFS results were also expected shortly from the same Government agency.

These milestones form the technical basis for all other project permitting and enable Aspire to commence the related environmental studies.

The company has also initiated community engagement and public consultation works as part of the wider environmental and social impact studies and project management plans.

Critically, community stakeholders have combined the Erdenet to Ovoot haul road construction as part of the OEDP mine development works in their broader considerations for support of the project.

Given these developments, Aspire revealed that the OEDP DFS is now expected to hit the streets by the end of 2019 and that it was still on track for the first production of washed coking coal in the first half of 2021.

The company has also entered into a Cooperation Agreement with Ulaanbaatar Tumur Zam Joint Stock Company, or “UBTZ”, who is the operator of the Trans Mongolian rail network, which will guarantee rail capacity for Aspire’s OEDP coal transportation to the Mongolian-China border, 1,500km to the southeast.

Supporting this development, company management recently visited several coal handling and preparation plants in China, which outlined some efficient and low water and power consuming options to treat its Ovoot products.

Aspire has also met with the Mongolian Government owners of the large Tavan Tolgoi coking and thermal coal deposits in the southern part of the country, where synergies may exist for the blending of Tavan’s non-coking coal resources with Ovoot’s premium coking coals.

Preliminary work showed that an attractive value adding opportunity exists for combining the products from both deposits, which will also benefit from a recent initiative to construct a rail line from Tavan Tolgoi to an existing railhead at Sainshand to the east northeast.

The beauty is that Aspire’s Ovoot coal products will travel through Sainshand on route to China, which makes the small city an ideal location for blending of the future coal products from the separate mines, where an industrial park development has been touted.

During April, Aspire said that Chinese State-owned enterprise China Gezhouba Group had provided a Letter of Interest to construct the critical haul road that will link the OEDP to an existing railhead at Erdenet.

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Kincora Announces Lead Order in Private Placement

Kincora Announces Lead Order in Private Placement

• Kincora intends to raise up to $6m at $0.10 per Unit with a full warrant
• Cornerstone investment from existing holder of approximately 28% shares  
• Strong support from insiders, other existing and new investors
• Proceeds will be used to fund drilling for discovery at 5 independent and large scale porphyry targets and earlier stage project pipeline activities 
• Vancouver, BC— May 7th, 2019
  Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) announces that it proposes to undertake a private placement (the “Offering”) of units at $0.10 per unit (the “Units”) to raise up to $6,000,000.  The Units will be comprised of one share (a “Share”) and one warrant (a “Warrant”), each Warrant entitling the holder to acquire a further share at a price of $0.25 for a term of 2 years.
  
  
  The Company is pleased to announce that following an independent technical review of Kincora’s targets and proposed work programs, our largest shareholder, LIM Asia Special Situations Master Fund Limited (“LASSMF”), will (subject to satisfactory documentation) subscribe for its pro rata share of the Offering (which is approximately 28% as at the date hereof).  The Company is also pleased to have received strong indicative support from insiders, many existing and new shareholders.
  
  
  Chairman Cameron McRae commented, "I am delighted that we have attracted a strong cornerstone position from our largest shareholder and such interest from other experienced institutional resource sector specialist and high net worth investors. The support and detailed due diligence processes provide validation of our drill targets, strategy and team.
  
  
  This offering has been structured to align the immediate and medium term capital markets strategy to our asset portfolio of 5 standalone, large and drill ready porphyry targets. Success on any one of these targets would indicate a new globally significant copper discovery.”
  
  
  Sam Spring, President and CEO, noted, “The offering will provide a strong foundation for the drill bit to again drive Kincora’s valuation going forward, ramping up our exploration and expansion activities.
  Since consolidating the dominant position in the Southern Gobi copper belt in late 2016 and attracting a world-class technical team in 2017, Kincora has been undertaking the first modern systematic district scale exploration program in this highly prospective under-explored copper belt.  Kincora’s technical team has an exceptional track record of discoveries, and this offering supports the first target testing drilling program under their watch.
  
  
  Our drilling strategy today is the culmination of almost 30 years of cumulative copper exploration experience in this belt by the senior members of our exploration team, 5 years of exploration work and model refinements by ourselves and previous owners (including Ivanhoe Mines and IBEX) that provide us with high conviction to now focus on the 5 large and independent targets within our Bronze Fox and East Tsagaan Suvarga projects.
  
  
  For their respective stages of exploration these targets are considered as good as you get within a global setting. The independent technical review commissioned by our largest shareholder supported a “discovery” having already been made at Bronze Fox within the underexplored target zone to the west of a key regional fault.  This target area has been significantly upgraded by recent exploration activities. Confirmation of our geological models with positive results from the proposed drilling have the potential to, in time, elevate both projects to Tier 1 or world-class status.1
  
  
  We’re very pleased to have support from our investors, local community, hard working team and look forward to working closely with stakeholders going forward.”
       
       
  Click to view full announcement
         
           
  For further details on Kincora please refer to the following recently updated items:
               
• Click to May 2019 Corporate Presentation
• Click to MetalsNews interview: Drilling for Discovery in the Emerging World-Class Southern Gobi Copper-Gold Belt of Mongolia. Interview with Sam Spring, President and CEO.

About Kincora Kincora is a junior resource company engaged in the acquisition, exploration and development of mineral properties, with a focus on copper-gold projects in Mongolia. For further information: www.kincoracopper.com.

For Further information please contact: Sam Spring President & Chief Executive Officer Kincora Copper +61 431 329 345 sam.spring@kincoracopper.com Enquiries: Christine Wootliff Investor Relations 121 Group +852 3628 2420 christine.wootliff@weare121.com

•  

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Mongolian central bank launches campaign to increase gold purchase

ULAN BATOR, April 8 (Xinhua) -- Mongolia's central bank on Monday launched a campaign to encourage gold miners and individuals to sell gold to banks.

"The Bank of Mongolia's gold purchase has declined sharply since the beginning of this year due to instability in the domestic tax environment. So, we decided to again launch a campaign called 'National Gold to the Fund of Treasures' to increase the central bank's gold purchase," Atarbaatar Enkhjin, head of the Reserve Management and Financial Markets Department at the Bank of Mongolia, said at the campaign's launch ceremony.

During the six-month campaign, the Bank of Mongolia is planning to organize activities directed at encouraging gold miners and individuals to sell gold to banks, said Enkhjin.

The Mongolian central bank purchased only 12.7 tons of gold in 2014. Thanks to the low royalty taxes on gold with the 2014 amendments, the central bank's annual gold purchase almost doubled to 22 tons in 2018.

The 2.5-percent of discounted royalty on gold mining ended on Jan. 1. Since then, 5 to 10 percent royalty taxes on gold mining have been imposed on miners.

As a result, the central bank purchased only 772.1 kg of gold from legal entities and individuals in the first three months of this year, down 71.6 percent year on year.

During its extraordinary session on March 18-29, the Mongolian parliament decided to set the gold royalty at a 5 percent rate to revive the central bank's gold purchase.

The new rate came into force on Monday, according to the central bank.

In May last year, the Mongolian central bank launched the campaign called "National Gold to the Fund of Treasures" for the first time, which lasted for five months. Enditem

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Four missing after gold mine collapses in Mongolia

ULAN BATOR, Feb. 28 (Xinhua) -- Four people are missing after a gold mine collapsed in Mongolia's central province of Tuv on Thursday afternoon, local media reported.

Two miners have been rescued, and a search for the missing is continuing. The collapsed gold mine is run by the company Eco Altan Zaamar.

The accident happened in Zaamar soum, a region hit by a 4.6-magnitude earthquake on Wednesday evening. The mine collapse may be related to the quake, the media said, quoting the Institute of Astronomy and Geophysics of the Mongolian Academy of Sciences as saying.

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Gold purchases by Mongolia's central bank expected to reach 21 tons this year

ULAN BATOR, Dec. 18 (Xinhua) -- Gold purchases by the Bank of Mongolia are expected to reach 21 tons by end of this year, according to the central bank.

"The Bank of Mongolia, which bought 20.01 tons of gold last year, has set a goal to increase its gold purchases by at least 10 percent this year. But it is now expected that the bank will fail to achieve its goal due to several factors, including a low rate on the London Metal Exchange," the bank's spokesperson Ariun Dagva told Xinhua on Tuesday, adding that the three-month peak season for gold mining in the country ended in October.

"Our experts now expect that the volume of gold purchases will reach 21 tons by end of this year," Ariun said.

As of mid-December, the Bank of Mongolia purchased 20 tons of gold from legal entities and individuals, up 3 percent compared with the same period last year, she said.

The country's annual gold production has remained below 21 tons since 2005 when it reached its record high of 25 tons.

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ASPIRE BANKS $15M FOR MONGOLIAN COAL PLAY

ASX listed and Mongolia focussed coal developer, Aspire Mining, has wrapped up a $15m financing package for its Ovoot coking coal project in the northwest of the country. The company is now debt free and fully funded through to the completion of all required feasibility studies to fast track development of the deposit which contains a high-grade, premium, metallurgical coking coal JORC-compliant ore reserve of 255 million tonnes. Aspire management said it had appointed two experienced consultants to deliver the Ovoot pre-feasibility studies on an expediated basis, with results expected in January 2019.

This work will focus on a high quality, low ash, low strip ratio carve out from the existing Ovoot ore reserve, concentrating on extraction and processing of the premium Ovoot upper seam. Specifically, the feasibility studies will be underpinned by open pit optimisation studies and coal handling preparation plant design work for a starter pit on this section of the Ovoot ore body. Other feasibility work will be undertaken into the construction of a haul road and associated infrastructure from the Ovoot deposit to a rail head at Erdenet, about 550km to the east. Aspire has secured a 12 month option to acquire a terminal area at Erdenet to handle coal deliveries after operational start-up at Ovoot.

The company expects that the initial early development plan for Ovoot will substantially reduce the CAPEX costs and shorten project scheduling to achieve first cashflows from the asset much sooner.

Forecast logistic capacities are currently limited by the existing Mongolian rail network in the region, with production from Ovoot expected to top out in a range of 3 million to 4 million tonnes per annum. Aspire raised the funds through the issue of $10m worth of ordinary Aspire shares to Mongolian businessman Mr Tserenpuntsag at 2.1c, who is now the company’s largest shareholder with about 27% of the issued stock. Mongolian shareholders now account for about 33% of Aspire’s register and this will no doubt help to provide strategic and financial support, which will materially de-risk delivery of the project.

In addition, Aspire issued shares at 2.1c to the Noble Group to the value of $2.4m, which is a debt to equity arrangement aimed at repaying debt and accrued interest to the Hong Kong-based commodities trader. A further $1.7m is being raised at 2.1c to other investors, with the company saying that it had already received binding pre-commitments for about $1m. Aspire Executive Chairman Mr David Paull said: “It is very pleasing that Aspire is now in a strong financial position with no borrowings … I thank our strategic shareholders, Mr Tserenpuntsag and Noble Group, for their support in achieving this financing outcome.”

“Their ongoing support, together with that of our broader shareholder base, reflects the attractiveness of the OEDP. We look forward to delivering the OEDP feasibility details in early 2019 and quickly progressing towards first coking coal production.” There are bigger plans afoot for Aspire too in northern Mongolia, where it also owns a smaller 12.9 million tonne coal resource at Nuurstei, located 160km east of Ovoot and closer to the rail head at Erdenet.

In June, the Chinese and Russian Governments reached an agreement allowing Mongolian-sourced freight to enjoy a tariff discount on the Russian rail system for its exports to and via Russia for 25 years. Under the arrangement, Mongolian coal exports will receive a 66.4% discount on the Russian rail system to the north of Mongolia, which provides an alternative route to seaborne markets to that offered by China. Aspire has been watching these developments closely, which are likely to be very positive when factored into its larger game plan in Mongolia. The proposed hefty tariff reductions on coal transported via rail through Russia will place the Russian option on a much more even economic keel with the proposed transportation into China to the south.

On the face of it, the new spirit of cooperation between Mongolia and Russia and indirectly China, comes at a significant time for Aspire and almost by default, is enhancing the potential viability of its coking coal projects.

https://thewest.com.au/business/public-companies/aspire-banks-15m-for-mongolian-coal-play-ng-b881044185z

On the face of it, the new spirit of cooperation between Mongolia and Russia and indirectly China, comes at a significant time for Aspire and almost by default, is enhancing the potential viability of its coking coal projects.

https://thewest.com.au/business/public-companies/aspire-banks-15m-for-mongolian-coal-play-ng-b881044185z

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Mongolia keen to enhance mining cooperation with Chile: foreign ministry

ULAN BATOR, Nov. 29 (Xinhua) -- Mongolia is keen on enhancing bilateral relations and cooperation with Chile in the mining sector, the Mongolian Ministry of Foreign Affairs said Thursday.

Damdinsuren Davaasuren, the ministry's state secretary, made the remarks when meeting with Chilean Ambassador to Mongolia Luis Schmidt Montes.

"Mining is the main economic sector for our two countries," Davaasuren said, expressing keenness to enhance bilateral cooperation in this sector.

The Chilean ambassador expressed his country's readiness to enhance cooperation with Mongolia in various sectors, including mining and agriculture.

Mongolia and Chile established diplomatic relations in 1971.

The two countries are working to validate agreement on mutual visa-free travel for their ordinary citizens in the near future, according to the Mongolian foreign ministry.

The mining industry contributes to about a quarter of Mongolia's gross domestic product and more than 90 percent of its exports.

Mongolia's non-mining economy was particularly weakened between 2014 and 2016 by falling investment and declining private consumption, according to the World Bank.

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