SouthGobi Resources
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(Redirected from SouthGobi Energy)
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SouthGobi Resources is a miner based in Canada. Ivanhoe Mines, a Canadian mining company, owns 78.7% of the company.
SouthGobi sold convertible debentures to the China Investment Corporation to help finance mining operations in Mongolia. The $500 million funding will be used to develop Ovoot Tolgoi and start exporting coal. When the stake fully converts, the CIC will have around 22% of the company. The CIC can appoint one member of the board based on their stake which they took on October 27, 2009. On March 12, 2010, the CIC asked that $250 million worth of the bonds be converted into common shares.
SouthGobi held an IPO on the Hong Kong stock market in late January 2010. The CIC and Temasek Holdings each purchased $50 million of shares in the IPO. The IPO raised $400 million.
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