Turquoise Hill founder to participate in rights issue

|About: Turquoise Hill Resources Ltd. (TRQ)|By:, SA News Editor

Turquoise Hill (TRQ -24.1%) founder Robert Friedland says he plans to participate fully in the company's $2.4B rights issue; the mining tycoon owns a 10% stake in TRQ, which means he would have to pay ~$240M if he takes up his share of the rights issue.

More than 1B shares are expected to be issued, resulting in a doubling of TRQ's shares outstanding; the rights will stop trading on Jan. 7.

Also, Friedland, the executive chairman of Ivanhoe Mines (IVAN), says he remains interested in pursuing a secondary listing for that company.