ProactiveInvestors: Chalco delays bid for SouthGobi stake

Chinese aluminum giant Chalco Tuesday delayed plans to acquire a controlling stake in Mongolia-focused coal miner SouthGobi Resources. The Chinese metals company is continuing to work on securing regulatory approvals in Mongolia and outside. In April, Chalco unveiled a $926 million bid for a controlling interest in SouthGobi, which owns large coal projects in Mongolia. The proposed deal has the backing of Ivanhoe Mines Ltd, which currently has a controlling stake in SouthGobi. Ivanhoe and Chalco agreed to cooperate with Mongolia to ensure any requirements under the country’s new strategic foreign investment legislation were satisfied. To read the full article, click hereChalco delays bid for SouthGobi stake

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