Mongolian Coal Mine Sought By China To Stop Output
From Miami Herald
The operator of a Mongolian coal mine that is at the center of a controversy over a Chinese acquisition bid said Tuesday it will stop production this month.
Operations at the Ovoot Tolgoi Mine “will be entirely curtailed” as of the end of this quarter, SouthGobi Resources Ltd. said in a statement through the Hong Kong stock exchange. It cited weak market conditions and regulatory issues.
The company said earlier that Mongolian authorities asked it to suspend production while they review a plan by state-owned Aluminum Corp. of China to acquire a majority stake in the miner from a Canadian company.
