September 29, 2012 / 3:12 AM / 5 years ago

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

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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