Rio’s Turquoise Hill Sells Stake in Mongolian Coal Miner
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Turquoise Hill Resources Ltd. agreed to sell its 22 percent stake in SouthGobi Resources Ltd., the Canadian coal miner embroiled in a tax evasion case in Mongolia where its operations are located.
Turquoise Hill, a unit of Rio Tinto Group, agreed the sale to China-based Novel Sunrise Investments Ltd. for about C$17 million ($13.5 million) in cash, the Vancouver-based company said yesterday in a statement. That’s a 31 percent discount to SouthGobi’s closing price Monday.