- Write by:
-
Saturday, March 6, 2021 - 6:07:22 PM
-
587 Visit
-
Print
Mining News Pro - Activist investor Pentwater Capital Management LP on Friday condemned the surprise resignation of Turquoise Hill Resources Ltd’s chief executive officer following pressure from the Canadian miner’s top shareholder Rio Tinto.
Turquoise Hill said on Thursday Ulf Quelmann resigned, effective March 3, after Rio said it would vote against his re-election to the board.
Pentwater, Turquoise Hill’s largest shareholder after Rio with a 9% stake, said it believed the boards of Turquoise and Rio breached their legal obligations in the way Quelmann’s departure was handled.
In response to Pentwater’s statement, a Rio spokesman said the company supports the reset of leadership at Turquoise.
Turquoise Hill did not immediately respond to requests for comment.
During Quelmann’s over two-year tenure as CEO, Turquoise found itself locked in a feud with Rio over how to fund the underground expansion of the massive Oyu Tolgoi copper-gold mine in Mongolia.
Rio is the operator for the mine and owns 51% of Turquoise Hill, which in turn owns 66% of Oyu Tolgoi.
Pentwater did not detail what actions it plans to take and did not immediately respond to a request for comment.
Short Link:
https://www.miningnews.ir/En/News/611703
Canada’s corporate ethics watchdog on Tuesday said it was likely that human rights abuses had occurred at a mine in ...
Commodities usually rally when central banks cut interest rates, bolstering the case for going long raw materials in the ...
Cocoa extended its surge — gaining more than $700 per ton in a single day and surpassing $9,000 for the first time ever ...
Ivanhoe Electric (NYSE American: IE) (TSX: IE) terest in the Samapleu-Grata nickel-copper project in Côte d’Ivoire after ...
Awalé Resources (TSXV: ARIC) stock soared on Monday after the Newmont-backed gold explorer reported outstanding assay ...
Iron ore futures tumbled in Singapore, extending a stretch of volatile trading amid deepening anxiety over Chinese ...
French President Emmanuel Macron said on Monday the government is seeking to designate new regulated gold mining zones ...
The Democratic Republic of the Congo overtook Peru as the world’s second largest copper producer in 2023, though it ...
Newmont Corp. has kicked off the sale of its Akyem gold mine in Ghana, which is attracting interest from potential ...
No comments have been posted yet ...