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China Investment Corporation finances US$500 million convertible debenture to SouthGobi Energy Resources

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According to the Press Release, “Alexander Molyneux, President and CEO of SouthGobi Energy Resources Ltd., announced today that SouthGobi will accelerate the development of its Mongolian coal projects through its wholly-owned Mongolian operating subsidiary, Southgobi sands LLC. SouthGobi’s Mongolian investment program during the next three to five years is planned to include:

  • Expansion of the Ovoot Tolgoi Mine.
  • Development of the Soumber deposit.
  • Development of regional transportation infrastructure.
  • Construction of a coal washing facility.
  • Creation of approximately 300 new jobs.
  • Mr. Molyneux said financing for the investment program has been secured from a wholly-owned subsidiary of China Investment Corporation (”CIC”), which will provide US$500 million in the form of a secured, convertible debenture bearing interest at 8.0%.

    ‘Our continued exploration successes have significantly expanded our coal resources in Mongolia’s South Gobi – and now we are in a position to develop our company into a prominent regional producer and exporter,’ Mr. Molyneux added.

    ‘We recently announced our Measured and Indicated coal resource base, compliant with the Canadian NI 43-101 reporting standard, has increased from 221.2 million tonnes to 307.6 million tonnes, a jump of 39%. We also announced the initial resource at Soumber, an entirely new coal deposit in the South Gobi, and there is significant potential for other discoveries.'”

    read more: Press Release

    PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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    Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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    Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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    Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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    OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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    The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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