Azerbaijan, Baku, Feb. 14 / Trend E. Kosolapova/
International mining company Turquoise Hill Resources signed a binding agreement with Sumeru Gold BV for the sale of its 50 percent interest in Altynalmas Gold Ltd developing Kyzyl Gold Project in Kazakhstan, Turquoise Hill reported on Thursday.
The deal includes $300 million in cash.
"The transaction is expected to close in the second quarter of 2013," the company said.
Meanwhile, the completion of the proposed transaction is subject to customary closing conditions, including regulatory approvals from the Republic of Kazakhstan's competent authorities.
Altynalmas, a private company, holds 100 percent ownership of the Kyzyl Gold Project in north-eastern Kazakhstan. The Kyzyl Gold Project contains the Bakyrchik and Bolshevik gold deposits.
Turquoise Hill Resources, formerly Ivanhoe Mines, is an international mining company focused on copper, gold and coal mines in the Asia Pacific region.
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