Mining investor Robert Friedland cut his stake in Turquoise Hill Resources Ltd. (TRQ), the company he founded to develop Mongolia’s biggest copper mine, to less than 10 percent.
Friedland’s holding in the company formerly known as Ivanhoe Mines Ltd., fell below 10 percent after “private sale transactions completed in late April,” Vancouver-based Turquoise Hill said today in a statement.
The smaller stake means Friedland no longer has the right to nominate directors to Turquoise Hill’s board, according to the statement. As a result, Friedland nominees Livia Mahler and Peter Meredith won’t stand for re-election at Turquoise Hill’s annual meeting on May 10, the company said.
As of at least September, Friedland owned about 14 percent of Turquoise Hill, now a 51 percent-controlled unit of London- based Rio Tinto Group. His stake now stands at about 8.4 percent, according to data compiled by Bloomberg.
Turquoise Hill owns a controlling stake in the $6 billion Oyu Tolgoi copper-and-gold mine in Mongolia’s Gobi Desert.
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