Mongolia Balks At China's SouthGobi Coal Mine Takeover Bid

Law360, New York (April 17, 2012, 4:48 PM EDT) -- Mining officials in Mongolia have suspended the licenses of coal miner SouthGobi Resources Ltd. while the government probes a bid by China's biggest aluminum producer to buy a controlling stake in it, SouthGobi said Monday.

The license suspension halts operations at SouthGobi's flagship Ovoot Tolgoi mine, located just 50 miles from the Chinese border, and gives Mongolia, which has few restrictions on foreign investment and no formal regulatory review process, time to investigate the takeover.

Aluminum Corp. of China Ltd., also known as Chalco, said April...
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