Turquoise Hill Resources (NYSE:TRQ)(NASDAQ:TRQ)(TSX:TRQ) today announced that, in light of changes in the gold market, it has entered into an additional agreement with Sumeru Gold BV in connection with the sale of the Company’s 50% interest in Altynalmas Gold Ltd which was originally announced on February 13, 2013. The supplemental agreement reflects a conditionally reduced cash consideration of US$235 million, instead of the original cash consideration of US$300 million. A key condition of the revised transaction structure requires Sumeru Gold to make an advance payment of US$235 million to the Company by August 9, 2013 ahead of completion of the transaction. Completion of the transaction remains 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 northeastern 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.
About Turquoise Hill Resources
Turquoise Hill Resources 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 (TSX:SGQ)(HK:1878); and a 57% interest in copper-gold miner Inova Resources (ASX:IVA)(TSX:IVA), formerly Ivanhoe Australia.
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