Incomplete Turquoise Hill Announces Expiry of Agreement With National United Resources for Proposed SouthGobi Resources Divestment
VANCOUVER, BC --(Marketwired - May 01, 2015) - Turquoise Hill Resources (Turquoise Hill or the Company) today announced that its previously announced and signed share purchase agreement with National United Resources Holdings Limited (NUR) (as amended), which had provided for the sale to NUR of 56,102,000 shares in the capital of SouthGobi Resources Ltd. (SouthGobi), expired on April 30, 2015 without the transaction contemplated thereunder having been completed. The transaction was unable to be completed as required by the terms of the share purchase agreement.
Following the recently announced completion of Turquoise Hill's share purchase agreement with Novel Sunrise Investments Limited, the Company continues to own 56,102,000 shares in the capital of SouthGobi, representing approximately 23.3% of SouthGobi's issued and outstanding shares.
About Turquoise Hill Resources
Turquoise Hill Resources (NYSE: TRQ) (NASDAQ: TRQ) (TSX: TRQ) is an international mining company focused on copper-gold and coal mines in Mongolia. The Company's primary operation is its 66.0% interest in the Oyu Tolgoi copper-gold-silver mine in southern Mongolia. Turquoise Hill also holds a 23.3% interest in Mongolian coal miner SouthGobi Resources (TSX: SGQ) (HK: 1878).