Turquoise Hill Resources to sell remaining SouthGobi stake to Chinese firm

Rio Tinto subsidiary Turquoise Hill Resources has reached a deal with Chinese holding firm Novel Sunrise Investments to buy its remaining stake in Mongolia-focused coal miner SouthGobi Resources. Turquoise Hill, which has a 66% interest in the massive Oyu Tolgoi copper/gold mine, in the same country, had agreed to sell 48.7-million SouthGobi shares at C$0.35 apiece for $17-million in cash, which was to be paid in two instalments.