Mongolia Seeks $1.5 Billion From IPOs to Fund Mine, Xinhua Says

July 7 (Bloomberg) -- Mongolia’s government is seeking to raise about $1.5 billion in initial public offerings to finance the development of a coking-coal mine in the Gobi desert, Xinhua reported, citing Mining Minister Dashdorj Zorigt.


Parliament authorized the establishment of a state-owned company to develop the Tavan Tolgoi mine, Xinhua said. About 10 percent of its shares will be given to the public, 10 percent sold to domestic businesses and 30 percent used to raise funds on stock exchanges abroad, according to the news agency. The remaining shares will be retained by the government, it said.


By Amanda Jordan

Comments

Popular posts from this blog