Ann: Waylering Update, page-83

Hardcash. You said

(The) Chinese can put all Mongolian CSG explorers over the same barrel at the same time and offer peanuts or walk away.

That is true except that China is a big importer of gas (including from Australia) and is likely to become more so as the middle class grows, as they look to close down coal-fired power stations and, as they look to gas as the transition fuel.

The price that Mongolia get for any gas they sell to China will, I believe, be very dependent on how tough they are as negotiators and how far they will go before they blink.