皇冠体育applco extends bid for Mongolian coal miner
Updated: 2012-07-04 14:50
Aluminum Corporation of 皇冠体育app, known as 皇冠体育applco, extended its bid for Mongolia-based coal producer South Gobi Resources Co amid uncertainty on local policies, 皇冠体育applco said in a statement on July 4.
皇冠体育applco, the country's largest alumina producer, has placed a bid at C$8.48 ($8.35) per share, for 30 days, according to the statement.
皇冠体育applco signed a lock-up agreement with Canadian international mining company Ivanhoe Mines, the largest shareholder of the Mongolian coal producer, which has an annual production capacity of 4.57 million metric tons of raw coal.
According to the agreement, 皇冠体育applco will buy the entire shareholding of Ivanhoe Mines for about $1 billion to acquire a majority stake in South Gobi Resources.
The Mongolian government is considering new foreign investment legislation in areas such as foreign ownership of Mongolian assets.
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