Mongolia's Tavan Tolgoi to list in U.K., Hong Kong
LONDON (MarketWatch) -- Mongolian state-owned coal miner Tavan Tolgoi is preparing to list its shares in London, Hong Kong and Ulan Bator, in a process which could value the firm at as much as GBP10 billion, the Sunday Times reported.
The company aims to float at least 15% of its shares in London, the newspaper said, citing unnamed sources close to the situation.
Mongolian Prime Minister Sukhbaatar Batbold wants to complete the three-way listing by March next year, but the sources are skeptical that such an ambitious timeline can be met.
Tavan Tolgoi controls the world's largest deposit of coking coal, a key ingredient in making steel.
The London listing will cover rights to the eastern part of the deposit in Mongolia's South Gobi region, which holds an estimated 7.5 billion metric tons of coal.
The report said Deutsche Bank and Goldman Sachs are handling the listing.
A spokesman for Tavan Tolgoi couldn't be reached for comment.
Newspaper Web site: http://www.timesonline.co.uk
The company aims to float at least 15% of its shares in London, the newspaper said, citing unnamed sources close to the situation.
Mongolian Prime Minister Sukhbaatar Batbold wants to complete the three-way listing by March next year, but the sources are skeptical that such an ambitious timeline can be met.
Tavan Tolgoi controls the world's largest deposit of coking coal, a key ingredient in making steel.
The London listing will cover rights to the eastern part of the deposit in Mongolia's South Gobi region, which holds an estimated 7.5 billion metric tons of coal.
The report said Deutsche Bank and Goldman Sachs are handling the listing.
A spokesman for Tavan Tolgoi couldn't be reached for comment.
Newspaper Web site: http://www.timesonline.co.uk
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