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China's CIC to lend Canada's SouthGobi $300 mln-sources

Fri Oct 23, 2009 3:44am EDT

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BEIJING/HONG KONG, Oct 23 (Reuters) - Canada-listed mining group SouthGobi Energy Resources SGQ.V has secured a $300 million loan from CIC, China's sovereign wealth, allowing the company to fund more mines and coal processing projects, sources said on Friday.

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The deal between China Investment Corp. (CIC) and SouthGobi could be announced as early as next week, sources said.

SouthGobi, 80 percent owned by Ivanhoe Mines (IVN.TO), is focused on exploring and developing metallurgical and thermal coal deposits in Mongolia and Indonesia. (Reporting by Joseph Chaney; Editing by Michael Flaherty and Chris Lewis)

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