Mongolian Mining agrees to pay $464 million for QGX Coal

Hong Kong’s Kerry Group is to sell its Mongolian coking project for a tidy profit after three years.

Mongolian Mining agrees to pay $464 million for QGX Coal
Have you seen a coal mine around here?

Mongolian Mining Corp MMC has agreed to pay $464 million for a coking project owned by Hong Kong’s Kerry Group, according to a source.

MMC, which is Mongolia’s biggest coking coal exporter, signed a deal on Tuesday to buy QGX Coal from Kerry Mining and could end up paying as much as $950 million if the mine hits certain targets, making it the biggest acquisition by a Mongolian mining company ever.

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