June 1 (Bloomberg) -- Mongolian Mining Corp., the nation’s biggest coking coal exporter, is close to buying a Mongolian mine from a unit of Kerry Holdings Ltd. for $465 million, according to two people with knowledge of the matter.
Mongolian Mining plans to pay about $380 million in cash and issue $85 million of convertible bonds, said the people, who asked not to be identified because the deal hasn’t been announced. The QGX coking coal mine, bought by a unit of Kerry Holdings in 2008, is adjacent to one already owned by Mongolian Mining, the people said.
Prices for coking coal, one of two key steelmaking raw ingredients, rose to a record in the first quarter, boosting appetite for mergers and acquisitions. Rio Tinto Group in April won control of Mozambique developer Riversdale Mining Ltd....