Erdenes Tavan Tolgoi JSC, coal mining unit of Mongolian investment holding firm Erdenes Mongol LLC, has offered to sell its stock to the public in Hong Kong (HK) this year.

The company plans to secure up to $3 billion in an initial public offering.

Erdenes will use the net proceeds to fund a nearby coal-fired power plant and a railway to the Chinese border, which is expected to be completed by 2021.

Last year, Erdenes booked $637.8 million in revenue.