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Hopu Investment Management Co., founded by Goldman Sachs Group Inc.’s Chinese partner, plans to invest in Winsway Coking Coal Holdings Ltd. together with two partners, two people with direct knowledge of the matter said.
Hopu will make the investment together with China Minmetals Corp. and Silver Grant International Industries Ltd., the people said, asking not to be identified because the negotiations are private. The investing group will purchase about 20 percent of closely held Winsway for about $110 million, one person said.
Winsway transports coal from Mongolia into China, where it operates processing plants for the fuel. Hopu, which was started by banker Fang Fenglei and is backed by Singapore’s Temasek Holdings Pte, bought a stake in an iron ore mine in Mongolia together with Temasek two years ago.
Winsway spokeswoman Liu Juan declined to comment. Calls to Silver Grant and Minmetals, China’s largest metals trader, went unanswered.