MMC block trade

Corporate shareholder trims stake in Mongolian Mining

Petrovis raises about $82 million from the sale of a 2.3% stake after the Mongolian coal miner reports strong earnings.
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MMC plans to ramp up production capacity of raw coal to 15 million tonnes by 2015
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<div style="text-align: left;"> MMC plans to ramp up production capacity of raw coal to 15 million tonnes by 2015 </div>

One of Mongolian Mining Corp’s MMC biggest shareholders last night raised HK$633.8 million $82 million from the sale of a 2.3% stake in the company. The sale, which was arranged by Macquarie, comes a couple of weeks after the Hong Kong-listed Mongolian coking coal company said that its net profit almost doubled last year as it ramped up production. It also follows a gain of about 37% in the share price so far this year.

However, the deal had to contend with a sell-off in European stocks during the bookbuilding as investors worried about the growth implications from a fall in a eurozone purchasing managers’ index as well...

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