China and Mongolia inked eight cooperation agreements on mineral-resource exploration last week during a week-long cultural expo, which opened in Hohhot, capital of north China's Inner Mongolia Autonomous Region, on Friday.
The agreements, which are worth over 30 billion yuan (4.73 billion U.S. dollars), were signed by government and enterprise representatives from the two sides during the first China-Mongolia Expo.
The projects include the exploration of nonferrous metals and unconventional gas, mining, smelting and the processing of other mineral resources.
In addition, the two countries also signed memorandums of understanding on the deep processing of a coal mine in Tavan Tolgoi, Mongolia, and on Oyu Tolgoi, a giant copper and gold mine in South Gobi, Mongolia.
A joint declaration was signed by President Xi Jinping and Mongolian President Tsakhiagiin Elbegdorj in August 2014, on an all-round mutually beneficial cooperation relationship with a focus on mineral resource exploration, infrastructure construction and the financial sector.
The agreements signed Friday are part of efforts to implement the joint declaration. Statistics in 2014 showed that China has been Mongolia's largest trading partner and largest source of foreign investment over the past 10-plus years.
In 2014, two-way trade volume between China and Mongolia stood at 7.3 billion U.S. dollars. Mongolia mainly exports mineral products and livestock to China.