VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 13, 2013) - Turquoise Hill Resources (TRQ.TO)(TRQ)(TRQ.TO) today announced that it has signed a binding agreement with Sumeru Gold BV for the sale of the company's 50% interest in Altynalmas Gold Ltd (Altynalmas) for a total cash consideration of US$300 million. Completion of the proposed transaction is subject to customary closing conditions, including regulatory approvals from the Republic of Kazakhstan's competent authorities.
Altynalmas, a private company, holds 100% ownership of the Kyzyl Gold Project in north-eastern Kazakhstan. The Kyzyl Gold Project contains the Bakyrchik and Bolshevik gold deposits. Turquoise Hill acquired an interest in the project in 1996 and acquired its stake in Altynalmas in 2008.
The transaction is expected to close in the second quarter of 2013.
About Turquoise Hill Resources
Turquoise Hill Resources (TRQ.TO)(TRQ)(TRQ.TO), formerly Ivanhoe Mines, is an international mining company focused on copper, gold and coal mines in the Asia Pacific region. The company's primary operation is its 66% 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% interest in Mongolian coal miner SouthGobi Resources (SGQ.TO)(1878.HK); a 57% interest in copper-gold miner Ivanhoe Australia (IVA.AX)(IVA.TO); and a 50% interest in Altynalmas Gold, a private company developing the Kyzyl Gold Project in Kazakhstan.
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