Rio’s Turquoise Hill Unit to Sell 29.95% of Coal Miner SouthGobi
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Turquoise Hill Resources Ltd., the Mongolian coal miner controlled by Rio Tinto Group, agreed to sell 29.95 percent of SouthGobi Resources Ltd. for C$25.5 million ($23.5 million).
National United Resources Holdings Ltd. will pay 45.5 Canadian cents per share, a 31 percent discount to SouthGobi’s last traded price in Toronto yesterday, the Hong Kong-based buyer said in a statement today. Turquoise Hill will maintain a 26 percent stake in SouthGobi after the deal.