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May 24, 2017

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Mongolian coal mine SouthGobi to halt production despite China effort

BEIJING -- The operator of a Mongolian coal mine says its production will stop, adding to uncertainty for a Chinese effort to acquire the company.

SouthGobi Resources Ltd. said Tuesday that output at its main Ovoot Tolgoi mine will be curtailed by the end of this quarter. It cited a weak market and regulatory issues.

SouthGobi said previously that Mongolian authorities asked for production to be suspended while they reviewed a plan by a Chinese government-owned company to acquire a majority stake in SouthGobi.

Mongolia has profited from selling coal, copper and other minerals to China but Mongolians are uneasy about being dominated economically by their giant neighbor.

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