A THAI takeover of Mongolia-focused coal explorer Hunnu Coal has been approved by Australia’s Foreign Investment Review Board and the Bank of Thailand.
Hunnu’s board is backing a $477 million takeover offer from its largest shareholder, Thai coalminer Banpu Public Company.
Banpu in March acquired about 12 per cent of Perth-based Hunnu, four months after Banpu took over Australian coalminer Centennial Coal for more than $2 billion.
Hunnu holds several projects in Mongolia’s Gobi Desert, including Tsant Uul near the Oyu Tolgoi copper and gold mine being developed by Rio Tinto and Canada’s Ivanhoe Mines. Hunnu closed at $1.695, up 0.3 per cent.
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