Turquoise Hill Resources Ltd.’s chief executive officer Ulf Quellmann has resigned after months of tension between the company and Rio Tinto, its biggest shareholder, over a funding plan for its troubled Oyu Tolgoi copper mine in Mongolia.
The Montreal-based company and London-based Rio, one of the world’s biggest diversified miners, have clashed over how the construction of the giant underground copper mine should be funded.
In a statement, Turquoise Hill said that Rio had said it would vote against Ulf Quellmann in the upcoming annual general meeting. In light of that development, the company and Mr. Quellmann felt it was in their best interests that he resign.
Steeve Thibeault, who used to be the chief financial officer of Turquoise Hill for about three years until April 2017, is coming back on an interim basis to serve as CEO.
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