Baogang Group signed a long-term cooperation agreement with Mongolian Mining Co (MCC), the largest privately owned coal mining company in Mongolia, on mineral resources on May 12, reports Baotou Daily.

According to the agreement, the two companies will cooperate in areas like coal mining, ore washing and selecting.

The move marks remarkable progress in international cooperation for Baogang Group, an iron and steel State-owned business based in Baotou, Inner Mongolia autonomous region.

Bordering Inner Mongolia autonomous region, Mongolia is one of the Belt and Road Initiative countries. It boasts rich mineral resources including iron and coal.

Baotou has formed partnerships with Mongolia in various areas over the past few years as part of the implementation of national strategies for China’s Belt and Road Initiative and the China-Russia-Mongolia Economic Corridor.