3,570.57
Shares of the Canadian company,
SouthGobi, which is involved in mining in Mongolia, have fallen to a record low
here after the Aluminum Corporation of China, Chalco, dropped its plan to buy a
majority stake in the firm.
Chalco said it dropped its US$938
million bid because it”s unlikely to win regulatory approval from the Mongolian
government amid rising concern over Chinese ownership of the country”s natural
resources.
SouthGobi shares slumped 6.5 percent at the
close. Chalco shares rose more than three percent in initial trade before
closing one third of a percent lower.
close. Chalco shares rose more than three percent in initial trade before
closing one third of a percent lower.
