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Century City International
of Hong Kong is seeking to raise $85 million U.S. for funding mining
projects in Mongolia.
Additionally, Century City
has reportedly hired consultants to quicken a review of uranium, coal
and other mineral resources in Mongolia.
News from Hong Kong claims
Century City, controlled by Lo Yuk-sui, seeks to create an energy portfolio
to complement its existing real estate, development and construction
businesses.
Century City further announced
Monday that it has obtained mining rights to a 2,290 hetacre coal site
through its Chain Bright unit.
Chain Bright is also expecting
to be issued a license soon to mine Mongolian uranium.
Chain Bright has reportedly
been in negotiations with mainland China coal distributors to purchase
its Mongolian coal.
To raise the capital for its
entry into Mongolian mining, Century City has begun selling its company
shares on the Hong Kong equity market.
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