Russia, Mongolia drawing up list of sites for joint mineral exploration in border belt

MOSCOW. Aug 13 (Interfax) - Russia and Mongolia are compiling a list of mineral resource sites for joint geological exploration in their border area under agreements reached at a meeting of their intergovernmental commission for trade and economic cooperation, Russia's Natural Resources Ministry, whose head Alexander Kozlov is the Russian co-chair of the commission, said.

"Mineral resource use has recently become an important area for cooperation. A special sub-commission where they discuss exclusively issues in the geological field has been created under the intergovernmental commission. For example, a list of prospective sites for joint development in the border belt is now being compiled. On the Russian side these are deposits of noble, nonferrous and ferrous metals, coal and fluorspar," the press release said.

The trade between Russia and Mongolia has grown by 21% year-on-year since the beginning of 2024. Russia exports mineral products, food, chemical products, equipment and vehicles to Mongolia, while imports from Mongolia consist primarily of fluorspar, the ministry said.

The ministry also reported Kozlov as saying that the countries have worked out the issue of signing a temporary agreement on free trade between the Eurasian Economic Union (EAEU) and Mongolia in order to make the Russian market more accessible for Mongolian goods.

"We plan to sign the agreement in December, at a meeting of the Supreme Eurasian Economic Council. Furthermore, projects are being agreed that will create a Russia-Mongolia-China economic corridor. In short, this is the connection of ports and railways between the three countries," Kozlov said.

Kozlov met with Mongolian Prime Minister Oyun-Erdene Luvsannamsrai. Delegations from the two countries sides discussed cooperation in energy, logistics, education, culture and sport at meetings in Ulaanbaatar, after which they agreed that the next meeting of the Russian-Mongolian intergovernmental commission will be held in Moscow in the fall.