AKIPRESS.COM - India is expected to sign a preliminary agreement with Mongolia soon in the area of geology and exploration, the Economic Times reports, citing an Indian government official.

Landlocked Mongolia is rich in deposits of copper and coking coal, and India is mostly dependent on imports to meet rising demand for the red metal used in power, construction and electrical vehicles as well as coking coal for steelmaking.

"India's Cabinet has approved the MoU (memorandum of understanding) and both countries are expected to sign it soon," the source said.

India's federal mines ministry did not respond to a Reuters email seeking comment.

Mongolia's Ministry of Mining and Heavy Industry did not immediately respond to a Reuters email seeking comments.