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Noble Group ups stake in Northern Mongolian Railways to 20%

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Noble Group ups stake in Northern Mongolian Railways to 20%

Noble Group Ltd. subsidiary Noble Resources International Pte. Ltd. acquired an additional 10.0% stake in Aspire Mining Ltd. unit Northern Mongolian Railways Ltd. for US$1.4 million.

The unit now owns a 20% interest in Northern Mongolian Railways, according to the Dec. 28 release.

The consideration was satisfied through the conversion of debt-owed to Noble Resources by Ovoot Coking Coal Pte Ltd., a wholly owned subsidiary of Aspire.

Noble Resources International has also increased its stake in Aspire to 19.9% from 18.2% previously.