The Washington Post / The Associated Press: Mongolian coal miner says production to stop amid controversy over Chinese acquisition bid

The operator of a Mongolian coal mine that is at the center of a controversy over a Chinese acquisition bid said Tuesday it will stop production this month. Operations at the Ovoot Tolgoi Mine “will be entirely curtailed” as of the end of this quarter, SouthGobi Resources Ltd. said in a statement through the Hong Kong stock exchange. It cited weak market conditions and regulatory issues. The company said earlier that Mongolian authorities asked it to suspend production while they review a plan by state-owned Aluminum Corp. of China to acquire a majority stake in the miner from a Canadian company. Mongolia has profited from selling coal, copper and other minerals to China’s booming economy but some in the sparsely populated North Asian nation are uneasy about possible economic domination by their giant neighbor. To read the full article, click hereMongolian coal miner says production to stop amid controversy over Chinese acquisition bid

This entry was posted in Mongolia News. Bookmark the permalink.

Comments are closed.