China’s sovereign wealth fund finances SouthGobi

China’s sovereign wealth fund finances SouthGobi

Reuters

BEIJING/HONG KONG — Canada-listed mining group SouthGobi Energy Resources
has secured a US$300-million loan from CIC, China’s sovereign wealth,
allowing the company to fund more mines and coal processing projects,
sources said on Friday.

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

SouthGobi, 80% owned by Ivanhoe Mines, is focused on exploring and
developing metallurgical and thermal coal deposits in Mongolia and
Indonesia.

(c) Thomson Reuters 2009

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