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RIO - Rio Tinto News Story

6054p 70.0  1.2%

Last Trade - 16/04/21

Sector
Basic Materials
Size
Large Cap
Market Cap £98.01bn
Enterprise Value £101.95bn
Revenue £32.26bn
Position in Universe 13th / 1819

BUZZ-Turquoise Hill: Down after CEO exits amid Rio Tinto pressure

Thu 4th March, 2021 3:41pm
** Shares in Canadian miner  TRQ.TO  down 8.37% at C$18.18
    ** Co says CEO Ulf Quellmann has resigned after Rio Tinto
 RIO.L  told the Canadian miner it plans to vote against his
re-election  urn:newsml:reuters.com:*:nL3N2L239I
    ** TRQ's ex-CFO, Steeve Thibeault, will replace Quellmann on
an interim basis and pilot Turquoise through a funding dispute
with Rio over the underground expansion of the Oyu Tolgoi copper
mine in Mongolia 
    ** Brokerage RBC Capital Markets says they could see a
negative reaction to Quellmann's exit as it creates uncertainty
at a critical time for co as they try to resolve the funding gap
    ** Co says Thibeault is well-positioned to immediately take
over talks to progress the mine funding plan 
    ** Rio, which holds 51% of TRQ, said in a statement that it
is "supportive of the re-set in leadership at TRQ"
    ** Up to last close, stock up ~13% YTD 

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))
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