Investment firm Origo Partners has stepped up its presence in Mongolia by putting money into two exploration companies based in the region.
The move follows a placing to raise £20million this month. Origo has agreed to invest up to £3.4million for a 23 per cent stake in Bumbat Consolidated, which is focused on coal, iron ore, copper and gold.
The second investment is to buy a 70 per cent stake in Huremtiin Hyar, a copper and gold explorer.
The two deals build on the 21 per cent stake Origo already has in Gobi Coal & Energy in south-west Mongolia.
Origo chief executive Chris Rynning said the company believes Mongolia offers some of the best investment opportunities in the world.
The company is seeking other acquisition opportunities. Its shares closed at 29½p on Friday, up from 15p in February.