Chinalco to Acquire Mongolia’s South Gobi Mine

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Longwall USA Exhibition & Conference (06-11)
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31st International Conference on Ground Control in Mining (07-30)

Friday, 01 June 2012 11:39

Chinese multinational aluminum company Aluminum Corporation of China (Chinalco) has signed a lock up agreement with Canadian international mining company Ivanhoe Mines. The largest shareholder of the coal producer South Gobi Resources Co. based in Mongolia with capacity of 4.57 million metric tons of raw coal per year. According to the agreement, Chinalco will purchase the entire shareholding of Ivanhoe Mines for about US$1 billion to acquire a majority stake of SGR.