Reuters: Chalco announces delay in bid for SouthGobi stake

Chinese aluminum giant Chalco delayed plans to acquire a controlling stake in Mongolia-focused coal miner SouthGobi Resources Ltd on Tuesday, as it continues to work on securing regulatory approvals in Mongolia and outside. In April the Aluminum Corporation of China Ltd, better known as Chalco, announced a $926 million bid for a controlling interest in SouthGobi, which owns large coal projects close to the Chinese border. The proposed deal has the backing of Ivanhoe Mines Ltd, which currently owns a controlling stake in SouthGobi. But it ran into obstacles immediately, after the Mongolian said it would enact new investment rules allowing it to review deals involving foreign companies that have assets in Mongolia. To read the full article, click hereChalco announces delay in bid for SouthGobi stake

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