SailingStone Capital, the second largest shareholder in Rio Tinto- controlled Turquoise Hill\u00a0(TSE, NSYE: TRQ), is expected to vote against the re-election of the Canadian miner\u2019s board members this week, during the world\u2019s No.2 miner annual meeting.<\/p>\n
The San Francisco-based investor claims the four independent directors were handpicked by Rio and are not representing the interest of all investors.<\/p>\n
The investment group\u2019s discontent with the way the world\u2019s No.2 miner has handled many Oyu Tolgoi-related decisions goes back at least five years, it says.<\/p>\n During that time, SailingStone has accused Rio of wielding too much influence over\u00a0Turquoise Hill, the Canadian miner that owns 66% of the massive Oyu Tolgoi copper-gold-silver mine in Mongolia and acts as its operator.<\/p>\n The US investor\u2019s position<\/a> is that Turquoise\u2019s dropping share value and recent setbacks at Oyu Tolgoi<\/a> have little to do with the risk profile of Oyu Tolgoi and Mongolia and everything to do with avoidable mismanagement, and a \u201cfailure of market confidence\u201d in governance at Turquoise Hill.<\/p>\n Oyu Tolgoi\u00a0was discovered in 2001 and Rio gained control of it in 2012.\u00a0Once finished, the ongoing but dragged-out extension of the mine (now expected to be done in 2022) will lift production from 125\u2013150kt in 2018 to 560kt of copper concentrate at full tilt. That would make it the biggest new copper mine to come on stream in several years.<\/p>\n Turquoise Hill shares are trading about half the value of 12 months ago, and were last down 2.99% in Toronto on Monday to C$1.78, which makes it market capitalization slightly over C$3.5 billion.<\/p>\n The post Turquoise Hill\u2019s role in Oyu Tolgoi-related decisions may change this week<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" SailingStone Capital, the second largest shareholder in Rio Tinto- controlled Turquoise Hill is expected to vote against the re-election of the Canadian miner’s board members this week.<\/p>\n The post Turquoise Hill’s role in Oyu Tolgoi-related decisions may change this week<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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Capital, the second largest shareholder in Rio Tinto- controlled Turquoise Hill says the mining giant currently wields too much influence over the Canadian firm.<\/q><\/p>\n