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Erdenes Tavan Tolgoi Planning USD 1 Billion Hong Kong IPO

Coal News - Published on Mon, 04 Nov 2019

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Bloomberg, citing people familiar with the matter, reported that Mongolian state owned coal miner Erdenes Tavan Tolgoi JSC is ramping up work on a planned Hong Kong initial public offering that could raise more than USD 1 billion. Sources said “The coal miner hired an adviser to oversee preparations for the share sale, including underwriter selection. The company has been interviewing banks seeking a role in the IPO and targets a listing as soon as next year,”

A share sale would mark at least the third effort to raise money to develop the Tavan Tolgoi mine after international partnerships failed in 2011 and 2015. Mongolian lawmakers in 2018 approved a plan to sell as much as 30% of Tavan Tolgoi mine.

The Tavan Tolgoi coal mine, in the Gobi Desert, is the largest coal ore deposit in Mongolia, estimated at more than 6 billion tonnes of coal

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Posted By : Rabi Wangkhem on Mon, 04 Nov 2019
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