The decision was taken following the conclusion that the necessary approvals cannot be accomplished in time to acquire majority stake in the Mongolian company SouthGobi Resources .
Chalco, as per the lock-up agreement, was to propose an acquisition of up 60% and not less than 56% of Turquoise Hills’ shares in SouthGobi Resources. The company was to make the offer on 5 July 2012, but was twice extended by Turquoise Hill.
Turquoise Hill will work with SouthGobi and focus on improving and developing its full potential.
Mongolia-based SouthGobi Resources focuses on exploration and development of its Permian-age metallurgical and thermal coal deposits in South Gobi region.
Canada-based Turquoise Hill mineral exploration and development company.
