Mongolia considers launching IPO on Hong Kong stock exchange for giant coal mine - News.MN - The source of news

Mongolia considers launching IPO on Hong Kong stock exchange for giant coal mine

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2018/11/17

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Mongolia considers launching IPO on Hong Kong stock exchange for giant coal mine

In June, the Mongolian Cabinet decided to sell up to 30 percent of the ‘Erdenes Tavan Tolgoi Company on domestic and international stock markets. The bill was supported by the parliamentary group of the ruling Mongolian People’s Party.

According to the Minister of Mining and Heavy Industries, the bill will be presented to parliament by the end of 2018. The process of launching the IPO is currently being examined. According to Erdenes Tavan Tolgoi CEO B.Gankhuyag,  they are considering launching the IPO on the Hong Kong stock exchange for giant coal mine.

Tavan Tolgoi, located in the Gobi desert about 250 kilometres (155 miles) from the Chinese border, has an estimated 6.4 billion tonnes of reserves and is considered one of Mongolia’s seven flagship mining projects. It is run by state-owned Erdenes Tavan Tolgoi.

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