ULAN BATOR: Mongolian Prime Minister Sukhbaatar Batbold said that while he doesn't rule out foreign ownership of the $2 billion Tavan Tolgoi coal deposit, state ownership is preferred.

"We have not ruled out foreign mining companies having a stake, but our preferred option is complete state control," Batbold said at a press conference held in the nation's capital of Ulan Bator, where he is hosting an investment conference.

"Ownership and investment of all the big projects will be decided on a case by case basis."