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Mongolia seeks foreign help to produce minerals used for EVs

More investments are needed to unlock Mongolia's 'huge potential,' official says

Mongolia's Bayan Obo mine supplies rare-earth minerals. (File photo by Reuters) 

LONDON -- Resource-rich Mongolia is positioning itself as an alternative to China in supplying minerals used in the renewable energy sector but needs help from foreign investors to develop the necessary mining infrastructure, its deputy prime minster says.

"We will be one of the main players [in critical minerals], I'm sure, but it will take time," Amarsaikhan Sainbuyan told Nikkei Asia while in London to celebrate 60 years of U.K.-Mongolian diplomatic relations. "The Mongolian government is open for all kinds of investments and partnerships."

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