Cold Shower for Chalco's Mongolia Mining Plan

(Beijing) – A Chinese metals-mining concern's plan to tap mineral-rich Mongolia took a pause in early September as the Aluminum Corporation of China Ltd. (Chalco) withdrew its bid for coal supplier SouthGobi Resources Ltd.

Chalco's buyout ambitions surfaced in April when it signed an agreement with SouthGobi's majority shareholder, Turquoise Hill Resources Ltd., a Canadian company controlled by global mining giant Rio Tinto, for up to 60 percent but no less than 58 percent of SouthGobi shares at C$ 8.48 apiece.