Ivanhoe Mines and Aluminum Corporation of China (Chalco) have extended the proportional takeover bid for SouthGobi Resources shares, by an additional 30 days.

Chalco is expected to make the bid for up to 60% of SouthGobi’s common shares but the bid should not be for less than 56% of the company’s shares. The company will pay C$8.48 ($8.48) per share to SouthGobi.

The new date for the bid is on or before 4 Spetember 2012, which was originally intended to be 2 April 2012.

The bid is subject to statutory and regulatory approvals and also from the Canadian and Chinese regulatories and shareholder approvals.

Ivanhoe and Chalco have earlier entered into a lock-up agreement; under the agreement Ivanhoe will tender all of its SouthGobi shares to Chalco.

China based SouthGobi Resources is a coal production and development company while Canadian company Ivanhoes is a mining company focused on copper, gold and coal mines.