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Chalco ends Winsway bid, walks away from second Mongolia coal deal
HONG KONG |
HONG KONG (Reuters) - Aluminum Corp of China (Chalco) (2600.HK) has ended an agreement to buy a 29.9 percent stake in Winsway Coking Coal (1733.HK) as it would not be able to win approvals from Chinese and overseas authorities by the September 30 deadline, it said in a stock exchange filing late on Friday.
The move comes weeks after Chalco abandoned plans to buy a majority stake in Canada's Mongolia-focused coal miner South Gobi Resources (SGQ.TO) due to political hurdles.
Chalco had said in April that it would buy a stake in Winsway, which supplies Mongolian coking coal imported into China, for $308 million.
(Reporting by Vikram Subhedar; Editing by Daniel Magnowski)
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