National United Resources Holdings (00254) said it agreed to acquire 29.95% of the issued and outstanding shares of SouthGobi Resources (01878) at CAD25.53 million from Turquoise Hill Resources.
Upon completion, NUR Holdings and Turquoise Hill Resources will own about 29.95% and 26% stake in SouthGobi. NUR Holdings has no current intention to further increase its interest in SouthGobi.
SouthGobi is focused on the exploration and development of its metallurgical and thermal coal deposits in Mongolia's South Gobi Province. SouthGobi holds a 100% equity interest in SouthGobi Sands LLC, a Mongolian registered company that holds mining and exploration licences in Mongolia and operates the flagship Ovoot Tolgoi coal mine which produces and sells coal to customers in the People's Republic of China.
Turquoise Hill Resources is an international mining company focused on copper-gold and coal mines in Mongolia. Turquoise Hill Resource's main focus is the operation and development of the Oyu Tolgoi mine.
Trading in shares of NUR Holdings will be resumed this afternoon.
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