TORONTO (miningweekly.com) – A subsidiary of diversified miner Rio Tinto, Turquoise Hill Resources, which owns a 66% interest in the Oyu Tolgoi copper/gold mine, in Mongolia, this week said it would sell 29.95% of coal miner SouthGobi Resources to Hong Kong-based National United Resources Holdings.
National United will buy 56.1-million shares at a price of C$0.455 a share, leaving Turquoise Hill with a 26% interest in SouthGobi after the deal has closed.
“SouthGobi will continue to focus on its business and drive to deliver upon its 2014’s objectives with the usual high priority on safety,” the company said on Wednesday.
The deal came almost two years after Aluminium Corp of China dropped its $926-million bid to buy 60% of SouthGobi, as a result of rigid political resistance to Chinese- and foreign-owned operations from Mongolia.
PS: OOK KOPER,..........
JOHANNESBURG (miningweekly.com) – The $7-billion sale of the Las Bambas copper project, in Peru, to a consortium of investors has been completed, diversified miner Glencore announced on Friday.
The sale, which had immediately and materially degeared Glencore’s balance sheet, was effective Thursday.
The consortium, comprising MMG, with a 62.5% stake, Guoxin International Investment Corporation, with 22.5%, and Citic Metal Company, with 15%, had included the cost of Glencore’s capital expenditure in developing Las Bambas from January to the closing of the transaction.
Glencore said in a statement that it would continue seeking opportunities of reinvestment in line with the group’s returns criteria.
The company noted that any surplus capital would be returned to shareholders, as long as an efficient balance sheet was maintained.
The Las Bambas project was at an advanced stage of construction, with production expected to start in 2015.
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OOK KOPER........................
First Quantum Minerals Ltd to acquire Lumina Copper Corp
Tuesday, 17 Jun 2014 11:30am EDT
First Quantum Minerals Ltd:Enters into a definitive agreement with Lumina Copper Corp.Pursuant to which First Quantum will acquire, by way of court-approved plan of arrangement (Arrangement), all of outstanding securities of Lumina.Based upon consideration, the total value of 100 pct of fully diluted common shares of Lumina is about $470 mln.First Quantum currently owns 2.5 mln of Lumina's outstanding common shares.