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Mongolia says international IPO for coal mine no longer needed

Government had talked of raising up to $3bn in Hong Kong stock sale

Proceeds from the canceled IPO of Tavan Tolgoi were earmarked toward building a railway to carry the mine’s coal output, now transported by truck, to China.   © Reuters

ULAANBAATAR - Mongolia has shelved plans to sell up to $3 billion in shares of the country's flagship coal mine on an international stock market, as officials say the funds are no longer needed.

Officials had previously signaled plans to hold the long-planned initial public offering for Erdenes Tavan Tolgoi in Hong Kong before scheduled legislative elections in late June.

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