Chalco shelves bid
By Richard Fu |
April 27, 2012, Friday
|
Print Edition
Print Edition
ALUMINUM Corp of China Ltd, or Chalco, has said it will not go ahead with a US$926 million bid for a controlling stake in coal producer SouthGobi Resources Ltd until it receives regulatory approval 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 Chalco.
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 Chalco.
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