Skip to main content

The Globe and Mail

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

A Turquois Hill project in Mongolia.

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.

Story continues below advertisement

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.

Report an error

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨