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Canada-listed coal miner SouthGobi Energy Resources Ltd, plans to raise up to HK$3.6 billion (US $465 million) from a Hong Kong initial public offering, according to a term sheet. The company, owned by Canada-based Ivanhoe Mines, would sell 27 million new shares at a maximum offer price of HK$133.50 per share, according to the term sheet obtained by Reuters on Monday.
The offering represented about 16.8 percent of its enlarged share capital, a source familiar with the deal said earlier. SouthGobi's IPO follows a $500 million investment from CIC announced in October. The company is focused on expanding its coal production capacity in Mongolia, centred around its Ovoot Tolgoi mine 40 kilometers from the border with China. Ovoot Tolgoi's production target for 2009 was 1.5 million tonnes and it planned eventually to extract 8 million tonnes of metallurgical and thermal coal a year from Ovoot Tolgoi, it said.

Copyright Reuters, 2010

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