{"id":1180961,"date":"2020-04-28T05:49:05","date_gmt":"2020-04-28T10:49:05","guid":{"rendered":"https:\/\/www.mining.com\/?p=1021982"},"modified":"2020-04-28T05:49:05","modified_gmt":"2020-04-28T10:49:05","slug":"mongolia-cancels-tavan-tolgois-1bn-ipo-plan","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1180961","title":{"rendered":"Mongolia cancels Tavan Tolgoi\u2019s $1bn IPO plan"},"content":{"rendered":"<p>Mongolia has <a href=\"https:\/\/www.zasag.mn\/news\/view\/24912\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">cancelled an executive order<\/a> to fund its giant Tavan Tolgoi coal project through an international initial public offering (IPO), citing \u201cpolitical distortions\u201d and the current dire state of global financial markets.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Erdenes&nbsp;Tavan Tolgoi&nbsp;(ETT),<br \/>\nthe state-owned company that holds the license to the deposit,&nbsp;had<br \/>\nbeen working with an adviser for preparations of the planned IPO, which included<br \/>\na listing in the Hong Kong Exchange (HKEX).<\/p>\n<p>The stock market launch, which could<br \/>\nraise more than $1 billion, was meant to help fund the massive project and<br \/>\nrelated transportation infrastructure to deliver 30 million tonnes of coking<br \/>\ncoal a year to markets in China and beyond.<\/p>\n<p>The cancelled plan was at least the third effort to raise money to develop the Tavan Tolgoi mine after international partnerships failed in 2011 and 2015. Mongolian lawmakers in 2018 approved a <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mining.com\/web\/mongolian-parliament-oks-plan-sell-30-tavan-tolgoi-mine\/630\/\" >plan to sell up to 30% of Tavan<\/a>, which is <a href=\"https:\/\/www.mining.com\/mongolia-readies-revive-giant-tavan-tolgoi-coal-mine\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">the country\u2019s second largest mining investment<\/a> after Rio Tinto\u2019s Oyu Tolgoi copper-gold-silver operation.<\/p>\n<p>Tavan Tolgoi, which means \u201cfive hills\u201d, is located near Mongolia\u2019s southern border with China. It has estimated reserves of more than 7 billion tonnes of coal, more than one-third of which is high-grade hard coking coal, <a href=\"http:\/\/en.tavantolgoi.mn\/p\/4#.XqgnvZNKhTa\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">according to its website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The shelved share sale would have marked at least the third effort to raise money to develop the giant coal mine.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180961"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1180961"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180961\/revisions"}],"predecessor-version":[{"id":1181052,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1180961\/revisions\/1181052"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1180961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1180961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1180961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}