5645p -18.0 -0.3%
Last Trade - 4:35pm
Market Cap | £91.68bn |
Enterprise Value | £95.65bn |
Revenue | £32.54bn |
Position in Universe | 14th / 1817 |
(Updates with background) March 4 (Reuters) - Turquoise Hill Resources Ltd TRQ.TO said on Thursday Chief Executive Officer Ulf Quellmann has resigned after top shareholder Rio Tinto RIO.L told the Canadian miner it plans to vote against his re-election. The company said it has appointed Steeve Thibeault as interim CEO. Turquoise Hill has been locked in a feud with Anglo-Australian miner Rio Tinto Plc, which holds 51% of the company, over the underground expansion of the massive Oyu Tolgoi copper mine in Mongolia, in which Turquoise owns a 66% stake. Tensions between mine operator Rio and Turquoise Hill's management and minority shareholders have spilled into the open in recent months. Turqoise said that in recent discussions, Rio had informed the company's board that it plans to vote against Quellmann's re-election at the annual shareholders' meeting in May as the London-listed miner believes new leadership was needed at Turquoise to advance work at Oyu Tolgoi. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Devika Syamnath) ((Arundhati.Sarkar@thomsonreuters.com; twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776;))