Mongolia cancels $2 bln sale of Tavan Tolgoi stake -sources

HONG KONG, Feb 4 (BestGrowthStock) – Mongolia’s government has
canceled the auction of an estimated $2 billion stake in one of
the world’s largest undeveloped coal deposits, ending hopes of
global mining giants eager for a slice of the project, sources
said.

JP Morgan (JPM.N: ) and Deutsche Bank (DBKGn.DE: ), who were hired
by the government, are no longer advising on the sale of the
stake, three sources familiar with the matter told Reuters on
Thursday.

Shortlisted bidders for a stake in Tavan Tolgoi included
heavyweights BHP Billiton (BHP.AX: ), India’s Jindal, Brazil’s Vale
(VALE5.SA: ), U.S. coal miner Peabody (BTU.N: ), and China’s Shenhua
(1088.HK: ).

The Mongolian government could not be immediately reached for
comment. Deutsche Bank and JP Morgan both declined to comment.

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Mongolia cancels $2 bln sale of Tavan Tolgoi stake -sources