SouthGobi Resources shuffles board, new chairperson
TORONTO (miningweekly.com) – Mongolia-focused SouthGobi Resources on Tuesday said it had appointed Turquoise Hill Resources CEO Kay Priestly as its chairperson following the resignation of three existing directors effective September 3.
The company appointed five new directors to the board following the resignation of directors Edward Flood, Robert Hanson and chairperson Peter Meredith. The company subsequently appointed Lindsay Dove, Sean Hinton, Priestly, Brett Salt and Kelly Sanders as directors of the company.
Pierre Lebel, Andre Deepwell, Gordon Lancaster and Alexander Molyneux would continue to serve as directors of SouthGobi.
Priestly has more than 30 years of experience in the financial, mining and energy sectors.
Hinton was appointed as deputy chairperson and would play an active role in supporting the management team. Hinton has more than 23 years of experience in Mongolia and China, including as an adviser to Rio Tinto, Oyu Tolgoi and Goldman Sachs (Asia).
The board shuffle follows the State-controlled Aluminium Corporation of China cancelling a proposed $926-million takeover bid for up to 60% of SouthGobi on Monday, as well as the cancellation of the sale of the company’s noncore Tsagaan Tolgoi deposit to Sydney-listed Modun Resources last week.
The company's flagship coal mine, Ovoot Tolgoi, produces and sells coal to customers in China. The company planned to supply a wide range of coal products to markets in Asia.
SouthGobi stocks had taken a beating since its mining licences had been suspended in April, with its Toronto-listed shares trading 18.59% lower at C$2.19 apiece on Wednesday. The company’s stocks had lost about 78% of its value in the last year.
Edited by: Creamer Media Reporter
The company appointed five new directors to the board following the resignation of directors Edward Flood, Robert Hanson and chairperson Peter Meredith. The company subsequently appointed Lindsay Dove, Sean Hinton, Priestly, Brett Salt and Kelly Sanders as directors of the company.
Pierre Lebel, Andre Deepwell, Gordon Lancaster and Alexander Molyneux would continue to serve as directors of SouthGobi.
Priestly has more than 30 years of experience in the financial, mining and energy sectors.
Hinton was appointed as deputy chairperson and would play an active role in supporting the management team. Hinton has more than 23 years of experience in Mongolia and China, including as an adviser to Rio Tinto, Oyu Tolgoi and Goldman Sachs (Asia).
The board shuffle follows the State-controlled Aluminium Corporation of China cancelling a proposed $926-million takeover bid for up to 60% of SouthGobi on Monday, as well as the cancellation of the sale of the company’s noncore Tsagaan Tolgoi deposit to Sydney-listed Modun Resources last week.
The company's flagship coal mine, Ovoot Tolgoi, produces and sells coal to customers in China. The company planned to supply a wide range of coal products to markets in Asia.
SouthGobi stocks had taken a beating since its mining licences had been suspended in April, with its Toronto-listed shares trading 18.59% lower at C$2.19 apiece on Wednesday. The company’s stocks had lost about 78% of its value in the last year.
Edited by: Creamer Media Reporter
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