Turquoise Hill Resources, a subsidiary of global miner Rio Tinto, has been included in the list of assets for sale. The said unit is selling off its majority stake in Ivanhoe Australia priced at Aus $83 million or US $87.48 million.
In a statement, Ivanhoe confirmed that Turquoise Hill had 'a review of its options in relation to its shareholding in Ivanhoe Australia.' This stems from the report of Dow Jones saying that Turquoise Hill had appointed Citi to give advice on the possible sale of the shareholdings.
The shareholdings in Ivanhoe Australia is pegged at 57% and its sale is but a clear indication of the focus of Rio Tinto on the other assets of Turquoise Hill, namely the Oyu Tolgoi gold and copper mine located in Mongolia.
The Ivanhoe shareholdings are but one of the many assets that Rio Tinto is seeking to unload. Amongst them is its diamonds business, its Pacific Aluminium unit, its 29% shareholdings in Coal and Allied, and its shareholdings in the Northeparkes copper mine located in Australia.
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