Mongolia seeks coking coal IPO in three cities

Thursday, 01 Sep 2011

According to the people familiar with the matter that Mongolia aims to list simultaneously in three cities the company that controls one of the world's largest coking-coal deposits.

The people said the multibillion-dollar initial public offering of a government owned stake in Erdenes-Tavan Tolgoi Co may take place in Ulan Bator, Hong Kong and London if Mongolia can overcome technical and logistical hurdles remaining.

Goldman Sachs Group Inc., Deutsche Bank AG, BNP Paribas SA and Macquarie Group Ltd are handling the sale of a stake in state-owned Erdenes-TT as it is known. The company controls the coal deposit in the South Gobi desert near China's northern border.

sourced from online.wsj

Vale, ArcelorMittal compete for Mongolia coal mine

Mar7, 2011 |Reuters

ArcelorMittal , the world's largest steelmaker, Brazil's Vale and a Korea Resources consortium, are among six short-listed bidders to develop Mongolia's Tavan Tolgoi mine, the world's biggest untapped coking coal deposit, South Korea said.

Swiss miner Xstrata , U.S. coal miner Peabody and Japan's Mitsui & Co consortium are the other three preferred bidders to develop the west Tsankhi block of the mine, Korea Resources said in a statement.

It estimated a $7.3 billion initial investment to develop the Tsankhi block, which has 1.2 billion tonnes of coal reserves and can produce 15 million tonnes annually for 30 years.

Tavan Tolgoi has estimated reserves of 6 billion tonnes of coal, including the world's largest untapped deposit of coking coal, used by steelmakers.

Tags : Tsankhi block, steelmakers, raw material, Mitsui and Co. Itochu Corp