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May 26, 2011

Mongolia may have 150 billion tons of coal and one million tons of uranium and China gold

1. Mongolia has inferred coal reserves of 150 billion tons.

Preliminary and detailed exploration indicate 23 billion tons of coal reserves in Mongolia.

The proven reserves are 12.2 billion tons of coal.

2. Mongolia says it holds nearly one million tons of uranium reserves. The 2009 Red Book world uranium report lists Mongolia with 49,000 tU in Reasonably Assured Resources plus Inferred Resources, to US$ 130/kg U.



3. Chinese gold demand could rise over 22% in the next three years and sharply outpace domestic production, the head of the country's largest state-owned gold miner China National Gold Group
China's gold production should reach 400 tons by 2014, a gain of nearly 19% from 2010, but consumption is set to grow by nearly a quarter to 700 tons.

China produced 340 t of gold in 2010 and investors locally bought 571,5 t, according to official data, for a gap of 231,5 t made up by either imports or sales of existing stocks.

India remains the world's largest gold buyer, but China is closing in and from a low base with room to grow quickly as income rise, Sun said, noting gold buying per capita stood at just 4 grams, much lower than other industrialised nations.

Beijing is moving to consolidate the gold mining sector, improve technology and encourage exploration at depths exceeding 1,000 metres would combine to boost the country's underground reserves and output over the coming years.

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