Mongolian Mining Corp. received approval from the Hong Kong Stock Exchange for a $1 billion initial public offering, the first by a Mongolian company in the territory, according to two people familiar with the IPO.

Mongolian Mining, formerly known as Energy Resources, plans to list as much as 25 percent of its freely traded shares after the initial sale, said the people, who declined to be identified because the information is not yet public.

No companies based in Mongolia are currently listed in Hong Kong, according to data compiled by Bloomberg.