Chalco plans to buy up to 60% of SouthGobi Resources

摘要

ALUMINIUM Corporation of China Ltd (Chalco) plans to acquire up to 60% of SouthGobi Resources Ltd, owner of the OvootTolgoi coal mine in Mongolia, for almost 930 million US dollars and has entered into a lock-up agreement with SouthGobi's largest shareholder, Ivanhoe Mines Ltd. Ivanhoe, which holds a 58% stake in SouthGobi, said it agreed to tender all of its SouthGobi shares to Chalco and that it could receive as much as 889 million Canada dollars (898 million US dollars) if it sold its entire stake. However, it added that it would reduce the amount sold if other SouthGobi shareholders tender more than 60% of the stock.