Mongolia and Russia may speed up its previous talks to establish a joint venture Dornod Uranium and modernization of railway and mining cooperation, the 14th Mongolia-Russian inter-governmental commission meeting agreed in protocol, which concluded this week in Ulaanbaatar.

During the meeting, in which Russian side is represented by visiting Transportation Minister Igor Levitin, sides agreed to review 1949 agreement of the Ulaanbaatar Railway within this year.

Russian side or Russian Railway agreed to invest US$250 million into Ulaanbaatar Railway, and to grant long-term tariff rebates to Mongolia’s transit freights through the Russian territory. 

Igor Levitin reconfirmed Russian companies’ interests in developing Mongolia’s coal deposit Tavan Tolgoi, together with Russian Railways.