Chalco Extends Bid for SouthGobi Resources by 30 Days | Fox Business: "The proposed deal, under which Aluminum Corp. of China, or Chalco, would buy up to 60% of the coal miner, faces political opposition in Mongolia amid growing sensitivity about foreigners cashing in on the country's hoard of coal, copper, gold, and other natural resources. Given its size and influence, China, in particular, raises concerns in the landlocked country, which broke from Soviet influence just over two decades ago and formed a democracy.
In a reflection of the changing situation in Mongolia, the country adopted a new law on foreign investment in May that limits foreign ownership in strategic industries such as mining to 49%, unless the buyer obtains parliamentary approval. That came shortly after Chalco first announced its plan to make an offer for SouthGobi in April."
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