ULAN BATOR, Jan 24 (Reuters) - Mongolia's giant Tavan Tolgoi coal project is facing financial difficulties and an initial public offering for the mine originally scheduled for this year will not go ahead, the chief executive of the project said on Thursday.

'E-TT (Erdenes Tavan Tolgoi) is facing...financial difficulties. That's why we stopped our coal transportation and export,' Batsuur Yaichil, the head of Erdenes Tavan Tolgoi, the state-owned firm in charge of the project, told Reuters.

He said Mongolia was also seeking to renegotiate a coal sales deal with China's Chalco with the aim of bringing prices in line with international levels.

(Reporting by Terrence Edwards; Writing by David Stanway; Editing by Ed Davies) Keywords: MONGOLIA TAVANTOLGOI/

(david.stanway@thomsonreuters.com)(+86 10 6627 1289)(Reuters Messaging: david.stanway.reuters.com@reuters.net)

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