Turquoise Hill Says CEO Has Been Forced Out by Owner Rio Tinto
- The two companies have disputed funding of a Mongolian mine
- Turquoise Hill CEO Quellmann resigns after pressure from Rio
Photographer: Taylor Weidman/Bloomberg
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Turquoise Hill Resources Ltd. said it was forced to change its CEO after controlling shareholder Rio Tinto Group warned it wouldn’t support his re-election amid a dispute over funding of a Mongolian copper mine.
The world’s second-biggest mining company owns 51% of Turquoise Hill, which in turn holds a two-thirds share in the giant Oyu Tolgoi project that’s key to Rio’s growth plans. Yet the two have been at loggerheads over how to fund the ongoing expansion of the project.