Gombojav Zandanshatar, chair of the Mongolian Parliament, said upcoming elections and "other factors" could delay the partial listing of state-owned Erdenes Tavan Tolgoi JSC, in an interview published May 31 by the Nikkei Asian Review.
In late 2018, Mining Minister Sumiyabazar Dolgorsuren outlined plans to list up to 30% of the company on the New York and Hong Kong exchanges by mid-2019, after the Mongolian parliament called for the development of a railway and roads for the project as well as construction of a power plant earlier in the year.
General elections scheduled for 2020 could also impede plans for a $3 billion IPO in Hong Kong, according to Zandanshatar.
Mongolia has considered various options for the asset, including a US$15 billion IPO and a triple listing in London, Hong Kong and Ulaanbaatar.
Erdenes Tavan Tolgoi, a subsidiary of government-owned Erdenes MGL LLC, is working to develop the Tavan Tolgoi coal deposit which is estimated to host reserves approaching 8 billion tons.