In a blow both to the country and its capital markets, the Mongolian government has once again scrapped its up to $3 billion initial public offering plans in Hong Kong for the central Asian republic's flagship coal mining company Erdenes Tavan Tolgoi.
A 30% sale of the shares of the state-owned company has been expected since at least 2012 and this is the country’s third attempt to raise money for Erdenes Tavan Tolgoi to have failed.
A previous IPO plan in 2012 was pulled after the government changed its plans for the mine and, three years later, a stake sale to a Chinese-Japanese consortium also fell...
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