Mining operator QGX Ltd. is to be purchased by Kerry Holding Ltd. and MCS Holding LLC. The reported sales price is USD 259 million.

QGX’s properties include the Baruun Naran and the Golden Hills sites in Mongolia. Barrick Gold Corp. holds a nine percent stake in the company, which based in Canada.
Kerry is private investment holding company with diversified businesses throughout the Asia Pacific Region. MCS is one of the largest private sector companies in Mongolia, with over 3200 employees.
Shares in QGX, which had been halted prior to news of its sale, rose 38 cents, or more than eight percent, on the TSX to USD 4.88, with 2.5 million shares changing hands.

 

Source: Montsame
July 25, 2008