It is reported that billionaire Ms Gina Rinehart has made a bet on Mongolia's growing coal sector, taking positions worth an estimated AUD 3 million with two companies exploring in the region.

The investments in ASX listed companies Aspire Mining Ltd and Guildford Coal Ltd came through a purchase of 812,681 shares in Guildford in September and then a buy of nearly 4.4 million shares in Aspire Mining.

The purchases represent a 0.19% and 0.7% stake respectively in each company. Shares in both companies have dropped since the buys, but represent a hope that Mongolia proximity to China will position to become a major global coal exporter.

The buys also affirm Ms Rinehart stated position that the carbon and mining taxes would push investors away from Australia which came in a speech earlier this year where she singled out Mongolia in particular as an alternative to Australia.

(Sourced from www.businessspectator.com.au)