https://www.miningweekly.com

Activist investor Pentwater takes aim at Turquoise, Rio boards over CEO exit

8th March 2021

By: Reuters

  

Font size: - +

Activist investor Pentwater Capital Management on Friday condemned the surprise resignation of Turquoise Hill Resources' CEO 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.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Advanced Fire Suppression Technologies
Advanced Fire Suppression Technologies

Established on 1 March, 2000, by Barries Barnard, Advanced Fire Suppression Technologies (AFST) and the Advanced Group stands as Sub-Saharan...

VISIT SHOWROOM 
Bell Equipment
Bell Equipment

As one of South Africa's leading manufacturers, Bell Equipment distributes and exports its wide range of heavy equipment globally to mining,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.042 0.8s - 114pq - 2rq
Subscribe Now