Karce International Holdings Co. Ltd announced on Monday that it has discontinued an agreement to purchase a number of Mongolian coal mines because their estimated reserves are less than expected.  

In a statement filed with the Hong Kong stock exchange, Karce International said its technical adviser estimated the coal resources in the mines would be less than the 140 million tons necessary for the purchase to proceed.  

In October, Karce International had agreed to buy 100 percent of Silverway Pacific Ltd, which owns Khuldiin Nuurs LLC, a Mongolia-incorporated holder of mining licenses, for 1.4 bln HK dollars.  

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