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Chalco retracts SouthGobi bid pending regulatory approvals
By Richard Fu |
April 26, 2012, Thursday
|
Online Edition
Online Edition
ALUMINUM Corp of China Ltd said it doesn't intend to move forward with a US$926 million bid for a controlling stake in coal producer SouthGobi Resources Ltd until it receives necessary regulatory approvals from Mongolia.
Mongolia's Mineral Resources Authority last week asked for the suspension of exploration and mining licenses in projects including SouthGobi's Ovoot Tolgoi Mine, a move related to SouthGobi's plan to sell the stake to Aluminum Corp of China, or Chalco.
Vancouver-based SouthGobi said at that time it believes its licenses are "in good standing."
"Chalco confirms that it intends not to take up any shares under its bid unless and until receiving regulatory approvals from the Government of Mongolia," Chalco said in a statement late yesterday.
The Chinese company said its bid "is compliant with all the relevant laws and regulations of jurisdictions concerned."
The statement was jointly released with Ivanhoe Mines Ltd, which owns the stake.
Separately, Chalco and Rio Tinto have completed the formation of a joint venture to develop and operate the Simandou iron ore project in Guinea, following the completion of all Chinese regulatory approvals, the Anglo-Australian miner said yesterday.
Mongolia's Mineral Resources Authority last week asked for the suspension of exploration and mining licenses in projects including SouthGobi's Ovoot Tolgoi Mine, a move related to SouthGobi's plan to sell the stake to Aluminum Corp of China, or Chalco.
Vancouver-based SouthGobi said at that time it believes its licenses are "in good standing."
"Chalco confirms that it intends not to take up any shares under its bid unless and until receiving regulatory approvals from the Government of Mongolia," Chalco said in a statement late yesterday.
The Chinese company said its bid "is compliant with all the relevant laws and regulations of jurisdictions concerned."
The statement was jointly released with Ivanhoe Mines Ltd, which owns the stake.
Separately, Chalco and Rio Tinto have completed the formation of a joint venture to develop and operate the Simandou iron ore project in Guinea, following the completion of all Chinese regulatory approvals, the Anglo-Australian miner said yesterday.
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