ProactiveInvestors: Chalco and Ivanhoe Mines note SouthGobi’s mining status

Aluminum Corporation of China (Chalco) and Ivanhoe Mines Wednesday acknowledged the news that the Mongolian government has suspended SouthGobi Resources’ licenses for its Ovoot Tolgoi coal mine. Earlier this month, Chalco agreed to pay C$925 million for a 57.6 percent controlling stake in Mongolian coal miner SouthGobi Resources in a deal with Ivanhoe. Chalco also laid out a timetable for its proposed acquisition of the SouthGobi stake. It was mentioned that Mineral Resources Authority of Mongolia (MRAM) had stated that the move is in relation to the proposed takeover bid contemplated by the lock-up agreement between Ivanhoe and Chalco. To read the full article, click hereChalco and Ivanhoe Mines note SouthGobi’s mining status

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