March 21, 2012 on: business, Mining

Privately owned Mongolian coal miner Ikh Gobi Energy LLC is seeking investment of $100-$200 million this year ahead of a planned Hong Kong initial public offering in 2013, its chief executive said on Wednesday

"We are open for discussion and it would be either debt or equity," she said, adding that the money would be used for the company's working capital. IKH Gobi also planned to tap the Hong Kong IPO market to raise funds for development and would hire investment banks at the end of this year, Chuluunbat said. The company's wholly owned Mandakh Nuur coking coal project, 165 km from the Mongolian-Chinese Hangi-Mandal border, will start production in late July or early August. Its key market will be China, the world's largest coal consumer, where it will compete with SouthGobi Resources Ltd , whose Ovoot Tolgoi coal mine in Mongolia is about 40 kilometres from China. SouthGobi's Hong Kong-listed shares have rebounded about 10 percent this year after losing more than half of their value in 2011 due to volatile financial markets. "Many interested customers from China have approached us and they want to buy our coal," said Tuvshin Battsereg, manager at Ikh Gobi's foreign trade and investment department. The project is expected to have a deposit of 100 million tonnes of coal. The company plans to produce 500,000 tonnes of coal this year, rising to 20 million tonnes a year in 2015. (Reporting by Alison Leung; Editing by Kim Coghill) Please note that this article and / or its accompanying media (picture, video, sound files etc…) has not been written, created or taken by M.A.D. Investment Solutions staff. It is not copyrighted to M.A.D. Investment Solutions nor does the company claim any ownership or rights towards the content and its accompanying media. The above article does not in any case represent the views or opinions of M.A.D. Investment Solutions or any of its affiliate individuals or companies. The article above is purely meant as a source of information to readers and does not constitute a legal or biding agreement in any way, shape or form. Ownership of the content and its accompanying media remains with its legal owner or contributor but was sourced from Public Domain sources. If you are the owner of this content or its media and would like it replaced or taken out of our website, please contact us on: info@mad-mongolia.com. For contact and comments directly relating to the above article and or its accompanying media, please refer to the source as stated below.

SOURCE OF THIS ARTICLE : Reuters

Please note that this article and / or its accompanying media (picture, video, sound files etc…) has not been written, created or taken by M.A.D. Investment Solutions staff. It is not copyrighted to M.A.D. Investment Solutions nor does the company claim any ownership or rights towards the content and its accompanying media. The above article does not in any case represent the views or opinions of M.A.D. Investment Solutions or any of its affiliate individuals or companies. The article above is purely meant as a source of information to readers and does not constitute a legal or biding agreement in any way, shape or form. Ownership of the content and its accompanying media remains with its legal owner or contributor but was sourced from Public Domain sources. If you are the owner of this content or its media and would like it replaced or taken out of our website, please contact us on: info@mad-mongolia.com. For contact and comments directly relating to the above article and or its accompanying media, please refer to the source as stated above.

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