Exploration company Xanadu Mines, together with its joint venture firm Mongol Metals, have agreed to purchase a 90% stake in the Kharmagtai copper-gold project in Mongolia from Turquoise Hill Resources in a $14-million deal.
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Australia-based mining firm Rio Tinto Ltd purchased C$1.29 billion (A$1.32 billion) worth of shares in Canada-based mining company Turquoise Hill Resources out of contractual obligations but maintained its present stake.
Turquoise Hill Resources said that they Government of Mongolia sent them a notification regarding the project funding for the Oyu Tolgoi copper-gold-silver mine project.
Mongolia-focused coal miner SouthGobi Resources Ltd (SGQ.TO) (1878.HK) said on Tuesday that it expects China's state-controlled Chalco (2600.HK) to drop its $926 million takeover bid in the face of opposition from the Mongolian government.