According to reports from Bloomberg, the initial public offering for a stake in Erdenes Tavan Tolgoi could take place in London, Hong Kong and Ulaanbaatar.

Bloomberg reported the IPO could potentially raise between $2 and $3 billion, overtaking Mining Corporation’s $744 million initial share sale in Hong Kong, which took place in October last year.

Bloomberg said sources of the information did not want to be named because the information was private.

The sources reportedly told the news service Deutsche Bank AG and Goldman Sachs would govern the multi-billion dollar sale of the stake in the Mongolian company.

Erdenes Tavan Tolgoi is developing the eastern half of the Tavan Tolgoi tenement, which has the potential to produce 15 million tonnes annually for more than 30 years, enhancing Mongolia’s development as a major coking coal exporter to China.

In July the Mongolian government awarded Peabody Energy, Chinese coal giant Shenhua and a Russian-Mongolian consortium the rights to develop the project.

The first phase of the mine development will rise in stages to 30Mtpa.