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Mongolia Rail Eases China Rare Earth Grip: Freight Markets

Mongolia’s aim of quadrupling its rail network will send coal, copper and rare earths to nations such as Japan and South Korea under a plan to reduce reliance on the Chinese market and boost economic development.

The landlocked nation’s drive to lay 5,700 kilometers (3,542 miles) of track across the country and to Russia’s Far Eastern ports stands to benefit such companies as Australia-listed Aspire Mining Ltd. and Canada’s Prophecy Resource Corp., said Richard Harris, chief executive officer of Hong Kong-based Quam Asset Management. Quam raised $20 million for a Mongolia-focused fund that is due to start investing in a few months.