Mongolia was to be the “ultimate resource play”. But playtime can quickly turn ugly. Chalco, China’s biggest aluminium producer, has abandoned its attempt to take a controlling stake in SouthGobi Resources, the owner of Mongolia’s Ovoot Tolgoi coking coal mine. Since Mongolia rushed to pass a new law on foreign investment after the deal was announced in April that would have capped foreign ownership at less than 50 per cent, Chalco did not really stand a chance. Its retreat is a Pyrrhic victory for Mongolia.
一場「終極資源大戲」本將在蒙古上演,但好戲可能很快就結束了。中國最大的鋁生產商中國鋁業(Chalco)已放棄收購蒙古敖包特陶勒蓋(Ovoot Tolgoi)焦煤礦所有者南戈壁資源(SouthGobi Resources)的控股股權。這筆交易於4月份宣佈之後,蒙古匆忙通過一部新的外商投資法,規定外資在蒙古企業中的持股比例不得超過50%,因此中鋁實際上根本沒機會如願以償。但對蒙古而言,逼退中鋁是一場「皮洛士式的勝利」(Pyrrhic victory),代價過於高昂。