Hong Kong-based Asian Resources plans to buy tungsten and iron ore resources in Mongolia with a preliminary offer of HKD 560 million (US$71.68 million).
A deposit of 70m HKD (US$7.96 million) will be paid from raised funds; 170m HKD (US$21.76 million) by issuing bonds and HKD 250 million (US$32 million) by issuing acceptance bills; the last HKD 70 million (US$7.96 million) will be collected by issuing acceptance bills after the down payment.
From an initial feasibility report the Mongolian assets reportedly include about 19.9 million tonnes of tungsten and 32 million tonnes of pig iron.
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