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Chalco ends Winsway bid, walks away from second Mongolia coal deal
September 29, 2012 / 2:45 AM / 5 years ago

Chalco ends Winsway bid, walks away from second Mongolia coal deal

HONG KONG, Sept 29 (Reuters) - Aluminum Corp of China (Chalco) has ended an agreement to buy a 29.9 percent stake in Winsway Coking Coal as it would not be able to win approvals from Chinese and overseas authorities by the Sept. 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 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.

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