Australia and Mongolia's governments have announced a a new five year program focused on the sustainable development of mining in Mongolia.
The $20 million program, dubbed The Australia-Mongolia Extractives Program will use Australian mining expertise to spread the benefits of the industry across the nation's population.
Commenting on the new partnership, Australian foreign minister Julie Bishop said "releasing Mongolia's fledgling mining industry from a failed mining tax has greatly benefited the economy.
"Australia is pledging to support the Mongolian Government with financial assistance and expertise that will improve governance in the mining sector, opening their economy up to international investment and development opportunities.
"The program will also improve access to technical and vocational education and training in disadvantaged communities in Mongolia so they are better equipped to gain employment in the mining industry."
This is not the first time the Australian government has strengthened its mining ties with Mongolia via the mining industry.
In 2011 former prime minister Julie Gillard welcomed Mongolian prime minister Sükhbaataryn Batbold to the country.
At the time Batbold noted the increased interest of the Australian mining industry and its involvement in the nation, in particular its provision of expertise in geological, drilling, mining software, environmental management, financial, legal and training sectors to develop Mongolia’s minerals and energy sector.
The two heads of state participated in a number of memorandums to expand Australia’s mining presence in the country, in particular a Memorandum of Understanding on vocational education co-operation designed at helping Mongolia build its mining work force.
They also signed a Memorandum of Understanding between the Australian Academy of Science and the Mongolian Academy of Sciences to promote the exchange of ideas and the review of studies in common interest areas, such as geology.