Go to the Globe and Mail homepage

Jump to main navigationJump to main content

A Turquois Hill project in Mongolia.
A Turquois Hill project in Mongolia.

Turquoise Hill sells stake in Kazakhstan miner for $300-million Add to ...

Turquoise Hill Resources is selling its 50-per-cent stake in Kazakhstan miner Altynalmas Gold Ltd. for $300-million (U.S.) to Sumeru Gold BV.

Altynalmas is a private company that owns the Kyzyl gold project in northeastern Kazakhstan.

Turquoise Hill — formerly known as Ivanhoe Mines — acquired an interest in the project in 1996 and acquired its stake in Altynalmas in 2008.

More Related to this Story

The Vancouver-headquartered company, now 51 per cent owned by Rio Tinto, has been selling off non-core assets.

Its primary operation is a 66-per-cent interest in the Oyu Tolgoi copper-gold-silver mine in southern Mongolia, which is expected to begin commercial production in the first half of 2013.

Other assets include a 58-per-cent interest in Mongolian coal miner SouthGobi Resources and 57-per-cent interest in copper-gold miner Ivanhoe Australia.

The sale of its stake in Altynalmas to closely held Sumeru is expected to close in the second quarter, subject to regulatory approvals in Kazakhstan.

Follow us on Twitter: @GlobeInvestor

 
  • TRQ-T
  • RIO-N
Live Discussion of TRQ on StockTwits
More Discussion on TRQ-T
Live Discussion of RIO on StockTwits
More Discussion on RIO-N

More Related to this Story

Topics:

In the know

Most popular video »

Highlights

More from The Globe and Mail

Most Popular Stories