Bloomberg: Mongolia Delays $3 Billion Coal IPO to Retain Hong Kong Plan

Erdenes Tavan Tolgoi, the Mongolian coal miner planning a $3 billion initial public offering, said it delayed the foreign part of the deal by at least two months to September to help win listings in London and Hong Kong. The state-run miner may list locally first as part of the government program to give citizens stock in the company and then pursue a sale overseas, Chief Executive Officer Baasangombo Enebish said today in an interview in the nation’s capital, Ulan Bator. Prime Minister Sukhbataar Batbold’s government had aimed to complete the IPO before June elections. Mining companies have lost 27 percent of their market value since April last year, the Bloomberg World Mining Index shows, as global economic volatility curbed demand for resources. The IPO will mark Mongolia’s first listing of a state-run miner overseas as the country seeks to use its mineral riches to support an economy that grew by a record 17.3 percent last year. To read the full article, click hereMongolia Delays $3 Billion Coal IPO to Retain Hong Kong Plan

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