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

Fri Sep 28, 2012 11:07pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

HONG KONG (Reuters) - Aluminum Corp of China (Chalco) (2600.HK: Quote) 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: Quote) 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)