May. 23, 2012 (China Knowledge) - Altain Khuder, an iron ore miner in Mongolia, plans to launch an initial public offering in Hong Kong to raise about US$1 billion in the four quarter, said sources familiar with the matter, foreign media reported.

Altain Khuder has hired Bank of America and Macquarie Group to manage the IPO and Macquarie as joint global coordinator for the deal.

Altain Khuder, which owns the Tayan Nuur iron ore mine in southwestern Mongolia, has been exporting iron ore to China since 2009 under a supply agreement with a unit of China's Baoshan Iron & Steel Co<600019>.

The Tayan Nuur mine is located closer to the Mongolian-Chinese border than any other iron ore mine in Mongolia, about 168 kilometers from the border, and approximately 256 kilometers from Santanghu city, one of the primary delivery points for major steel mills in Northwest China.