The two have a joint venture in Mongolia for coal and uranium licences and are working on an exploration program in the South Gobi region and elsewhere in the country.

In October, they also announced the establishment of a JV for China and Asia-Pacific coal marketing.

Peabody noted Winsway was one of China’s top import coking coal suppliers and the largest supplier of Mongolian coal into China.

Mongolia is the largest and fastest-growing exporter of metallurgical coal to China.

“We continue to extend our hand of friendship to help the Mongolian people unlock the energy and economic benefits of their vast coal reserves in a way that preserves their rich environmental and cultural heritage," Peabody chairman and chief executive officer Gregory Boyce said earlier this year.