Turquoise Hill cuts stake in SouthGobi by more than half
Shares of Turquoise Hill (NYSE:TRQ) (NASDAQ:TRQ) (TSE:TRQ) increased on Wednesday after the company said it is selling a near 30 percent stake in Mongolia-focused coal miner SouthGobi Resources for C$25.6 million, trimming down its total 56 percent interest.
The company is selling a 29.95 percent interest in SouthGobi to Hong Kong's National United Resources. Under the terms of the deal, Turquoise will sell 56.1 million common shares of SouthGobi at a price of 45.5 Canadian cents apiece.
Following the transaction, Turquoise Hill will still hold 48.7 million shares of SouthGobi, representing a 26 percent stake.
The company said it would receive C$12.8 million in cash at closing, as well as another C$12.8 million one year after the closing of the deal.
The deal is subject to regulatory and shareholder approvals, but is expected to close no later than November 30, according to Turquoise Hill's statement released late Tuesday.
Turquoise Hill's main operation is its 66 percent interest in the Oyu Tolgoi copper-gold-silver mine in southern Mongolia. Global mining giant Rio Tinto (NYSE:RIO) indirectly holds approximately 50.8 percent of Turquoise Hill.
Shares of Turquoise rose 0.5 percent to C$3.88 in Toronto on Wednesday. Shares have climbed more than 10 percent year-to-date.
The company is selling a 29.95 percent interest in SouthGobi to Hong Kong's National United Resources. Under the terms of the deal, Turquoise will sell 56.1 million common shares of SouthGobi at a price of 45.5 Canadian cents apiece.
Following the transaction, Turquoise Hill will still hold 48.7 million shares of SouthGobi, representing a 26 percent stake.
The company said it would receive C$12.8 million in cash at closing, as well as another C$12.8 million one year after the closing of the deal.
The deal is subject to regulatory and shareholder approvals, but is expected to close no later than November 30, according to Turquoise Hill's statement released late Tuesday.
Turquoise Hill's main operation is its 66 percent interest in the Oyu Tolgoi copper-gold-silver mine in southern Mongolia. Global mining giant Rio Tinto (NYSE:RIO) indirectly holds approximately 50.8 percent of Turquoise Hill.
Shares of Turquoise rose 0.5 percent to C$3.88 in Toronto on Wednesday. Shares have climbed more than 10 percent year-to-date.
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