Stock Markets 101 for Mongolians ahead of coal mine IPO
A Reuters feature article on Wednesday tells how forced to sell his animals and flee his dried-up lands, former herder Sainbuyangiin Tsagaan-Ovgon is now hoping mining profits will let him return to his native Gobi.
The 72-year old, who admits he knows nothing about stocks, will soon receive 536 shares in the Mongolian company that owns the world’s largest coking coal deposit.
Erdenes Tavan Tolgoi’s international IPO could raise up to $5 billion, a vast sum for one of the poorest countries in Asia. Ten percent of shares are reserved for Mongolian citizens, and another 10 percent is to be split among Mongolian companies. Some lawmakers support giving those shares to citizens as well.