March 1 (Bloomberg) -- Noble Group Ltd, the Hong Kong-based supplier of energy, food and mining commodities, sees Mongolia as its next opportunity to expand in coal and build on its record 2010 profits.
?We have staff looking at several opportunities? in Mongolia, especially in exploration companies, Chief Executive Officer Ricardo Leiman said on a conference call yesterday. ?Mongolia will be an area specifically for quarter two. We look at developing a similar model there to what we have in Indonesia and Australia.? Aspire Mining Ltd., which explores for coal in Mongolia, said Jan. 17 that Noble bought 4.1 percent of its shares and is in preliminary talks on how the two can cooperate. Xanadu Mines Ltd., which plans to develop coal and iron ore fields in Mongolia, said Feb .3 it has struck an alliance with Noble. The company has an office in Mongolia and ships coal from the region, Leiman said.
XAM Price at posting:
50.0¢ Sentiment: None Disclosure: Held
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