India is set to sign a preliminary agreement with Mongolia for cooperation in geology and exploration, focussing on copper and coking coal. Indian companies like Adani, Hindalco, and Vedanta show interest, with supply routes being planned through Russia. Both nations aim to strengthen ties in resource acquisition. View More

NEW DELHI: India is expected to sign a preliminary agreement with Mongolia soon in the area of geology and exploration, a senior Indian government official with direct knowledge of the matter said. ET Year-end Special ReadsBuying a home in 2025? Here's how property market can shape up18 top stock picks for 2025 from 6 leading brokersFive big bangs that shook the corporate world in 2024 Landlocked Mongolia is rich in deposits of copper and coking coal, and India is mostly dependent on imports to meet rising demand for the red metal used in power, construction and electrical vehicles as well as coking coal for steelmaking. "India's cabinet has approved the MoU (memorandum of understanding) and both countries are expected to sign it soon," the source said, declining to be identified as the deliberations are not yet public. India's federal mines ministry did not respond to a Reuters email seeking comment. Mongolia's Ministry of Mining and Heavy Industry did not immediately respond to a Reuters email seeking comments. 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All three companies did not respond to emails from Reuters seeking comment. Both Indian and Mongolian officials are working out supply routes for Indian companies to source copper and coking coal, with India preferring the route from Vladivostok in Russia despite the longer distance, the official said. "China is convenient but we prefer the route from Russia," the official said. Relations between Asian giants India and China were strained after a deadly military clash on their disputed border in 2020 but have been on the mend since they reached an agreement in October to pull back troops from their last two stand-off points in the western Himalaya mountains. Unlike China, India has traditionally maintained close ties with Russia. Resource-rich Mongolia can offer superior grades of coking coal, industry officials say. In November, India's JSW Steel and state-run Steel Authority of India (SAIL) were in talks with Mongolian authorities to import two shipments of coking coal, Reuters reported. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)