Central Asia

Mongolia cancels $3 billion coal IPO

The cancellation of a stake sale in the country’s flagship coal mining company comes as economic growth and ratings agencies cast a shadow on the economy.

In a blow both to the country and its capital markets, the Mongolian government has once again scrapped its up to $3 billion initial public offering plans in Hong Kong for the central Asian republic's flagship coal mining company Erdenes Tavan Tolgoi

A 30% sale of the shares of the state-owned company has been expected since at least 2012 and this is the country’s third attempt to raise money for Erdenes Tavan Tolgoi to have failed

A previous IPO plan in 2012 was pulled after the government changed its plans for the mine and, three years later, a stake sale to a Chinese-Japanese consortium also fell flat after political interference

Erdenes Tavan...

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