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Mongolian Mining Corp Raises US$651 Million from IPO

By Joel ScanlonOct 6 2010

Mongolian Mining Corp is said to have raised US$651 million (HK$5.05 billion) in its Initial Public Offering (IPO) in Hong Kong. 719.4 million shares were sold in the Ulaanbaatar based mining company at Hong Kong $7.02 per share.

The IPO is recorded as the largest of a company from Mongolia as per data compiled by Bloomberg since 1999.

Mongolian Mining Corp is using the IPO in Hong Kong to raise funds in order to meet the rising import demand for coal from China. China is currently the world's largest producer of steel, steel production is dependent on coal. Of the IPO proceeds 50 of the funds will go to improve transport links and infrastructure and 40% will go towards future acquisitions.

Mongolian Mining Corp was formerly known as Energy Resources. It is based in the Tavan Tolgoi area, south of Ulaanbaatar and about 240 km from the border with China. The region is associated with the world's largest undeveloped hard coking coal mines.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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APA
Scanlon, Joel. (2019, March 19). Mongolian Mining Corp Raises US$651 Million from IPO. AZoMining. Retrieved on November 23, 2024 from https://www.azomining.com/News.aspx?newsID=419.
MLA
Scanlon, Joel. "Mongolian Mining Corp Raises US$651 Million from IPO". AZoMining. 23 November 2024. <https://www.azomining.com/News.aspx?newsID=419>.
Chicago
Scanlon, Joel. "Mongolian Mining Corp Raises US$651 Million from IPO". AZoMining. https://www.azomining.com/News.aspx?newsID=419. (accessed November 23, 2024).
Harvard
Scanlon, Joel. 2019. Mongolian Mining Corp Raises US$651 Million from IPO. AZoMining, viewed 23 November 2024, https://www.azomining.com/News.aspx?newsID=419.