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Mongolian state coal miner chooses Hong Kong for $3bn IPO

Listing a victory for exchange after forecasts that 2019 offerings would plunge

Tavan Tolgoi coal mine
Tavan Tolgoi holds estimated reserves of 7.5 billion tons of coking coal. (Photo by Byamba-Ochir Byambadorj)

ULAANBAATAR -- The Mongolian state company controlling one of the world's largest coal mines plans to raise up to $3 billion in a public stock offering in Hong Kong this year.

The listing of 30% of Erdenes Tavan Tolgoi, announced Thursday by Chief Executive Gankhuyag Battulga, will be good news for Hong Kong, which analysts have forecast will see a much lower volume of initial public offerings this year after beating all world markets in 2018.

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