Vancouver-based Turquoise Hill, which focuses on the operation and development of the Oyu Tolgoi copper/gold mine in Mongolia, has appointed Ulf Quellmann as CEO with effect from August 1, following a comprehensive search process.
The NYSE- and TSX-listed company said on Monday that the search, which was undertaken by the board with the assistance of an independent firm, included consideration of several candidates from across the global mining sector.
Quellmann – a seasoned executive with extensive knowledge of Oyu Tolgoi and more than 20 years’ experience in corporate finance, strategy, treasury and investor relations – is already on the Turquoise Hill board and will continue to be part of the Turquoise Hill-Rio Tinto negotiating team working with the government of Mongolia to conclude the sourcing of domestic power.
Most recently, Quellmann served as VP for strategic projects of Rio Tinto’s Copper and Diamonds product group and prior to this was the CFO of the same group.
“The combination of Ulf’s experience, project knowledge, leadership capabilities and relationships will enable us to continue making progress towards achieving Oyu Tolgoi’s full potential as one of the world’s largest copper mines,” said Turquoise Hill chairperson Peter Gillin.
With the appointment of a new CEO, Turquoise Hill will now engage independent technical advisers to assist with the board’s ongoing review of critical elements of Oyu Tolgoi’s development.
Earlier in July, Oyu Tolgoi entered into agreements with three Chinese contractors to submit bids for the engineering, design and construction of a power station at the mine site.
The company has refreshed previous plans to develop its own power plant at Oyu Tolgoi, after the Mongolian government earlier this year ended a deal that has allowed the company to source power.
The contractors are State-owned enterprises - China Machinery Engineering, Harbin Electric International Company and Power Construction Corporation of China.