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Billionaire Gina Rinehart has made a bet on Mongolia's growing coal sector, taking positions worth an estimated $3 million with two companies exploring in the region, according to a report by The Australian.

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 per cent stake, respectively, in each company, the newspaper reported.

Shares in both companies have dropped since the buys, but represent a hope that Mongolia's proximity to China will position to to become a major global coal exporter.

The buys also affirm Ms Rinehart's 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, according to The Australian.