Mongolian Mining Corp, Mongolia”s largest privately-held
domestic producer and exporter of coking coal, has raised USD650 million by
pricing its Hong Kong initial public offering at the middle of an indicative
range.  Mongolian Mining , whose Ukhaa
Ukudag (UHG) mine is roughly 245 km from Mongolia”s border with China, sold 719
million shares at HKD7.02 each, the middle of the range of HKD6.48 to HKF7.56
each, two sources said.

At the offering price range, Mongolian Mining is valued
at 12.6 times forecast 2011 earnings estimated by bookrunners. Citigroup and JP
Morgan are joint global co-ordinators and joint bookrunners for the IPO.

Mongolian Mining, partly owned by Mongolia”s largest
private conglomerate MCS Holding and Kerry Group, started mining at UHG deposit
in April 2009. The company produced 1.8 million tons of coking coal by the end
of 2009 and plans to produce about 3.8 million tons in 2010 and increase its
coal production to about 14.7 million tons for 2013.