China imported a total of 14.52 million tonnes of coal from Mongolia in the first eleven months this year, growing 109% year on year, as per the Administration of Inner Mongolia Coal Industry.This news is partly why I am so bullish on Mongolia. Why should China buy coal from Australia or Indonesia when they buy coal from Mongolia which is right next door. In fact the Chinese are spending huge amounts of money to improve infrastructure specifically to increase coal imports from Mongolia.
In other Mongolia news Rio Tinto reported that they intend on accelerating their Oyu Tolgoi gold and copper mine construction budget in 2011. I suspect copper over $4 per pound and gold pushing $1400 per ounce were motivating factors. The $2.3 billion Ivanhoe and Rio Tinto will invest this in 2011 is the equivalent of 40% 2010 Mongolian GDP. Things are booming in Mongolia.