Erdenes Tavan Tolgoi IPO likely late next year
L. Enebish, General Director of Erdenes MGL, has said that Erdenes Tavan Tolgoi LLC, which holds the license for the Tavan Tolgoi coal deposit, is expected to have its IPO in late 2011. The Government is likely to offer 30% of the company’s shares in the IPO. Mongolia Mining Corporation (MMC) recently raised USD651million by selling 20% of its shares, taking the company’s worth to USD3.2 billion. Erdenes Tavan Tolgoi owns a reserve at least ten times larger than MMC’s and will sell 30% of its stock, so if the MMC IPO is any indicator, Erdenes Tavan Tolgoi could easily end up the biggest Mongolian company.
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