Miningweekly.com
SouthGobi Resources CFO quits
Edited by : AL CIRCLE
1 min read
Mongolia-focused coal miner SouthGobi Resources on Monday said its CFO Matthew O'Kane had resigned, two months after it fired its CEO following Aluminium Corp of China (Chalco) dropping a $926-million bid and the company’s stock taking a beating since its mining licences were suspended in April.
The company said O'Kane’s resignation was effective from Monday, and came short on the heels of CEO Alexander Molyneux quitting in September, after the Mineral Resources Authority of Mongolia (MRAM) had requested SouthGobi suspend exploration and mining activity on certain licences owned by SouthGobi Sands, a fully owned division of SouthGobi.
The MRAM’s request was in connection with the Mongolian government’s review of the proposed $926-million takeover bid by Chalco for up to 60% of SouthGobi. International mining companies were increasingly facing tougher political hurdles in Mongolia, which is growing wary of China’s increasing ownership of its mining sector.
SouthGobi said it was in the process of identifying a suitable replacement for O’Kane. The company had also fired COO Curtis Church during October.
The company’s shares traded at C$2.09 apiece on Monday on the Toronto-bourse.
The company said O'Kane’s resignation was effective from Monday, and came short on the heels of CEO Alexander Molyneux quitting in September, after the Mineral Resources Authority of Mongolia (MRAM) had requested SouthGobi suspend exploration and mining activity on certain licences owned by SouthGobi Sands, a fully owned division of SouthGobi.
The MRAM’s request was in connection with the Mongolian government’s review of the proposed $926-million takeover bid by Chalco for up to 60% of SouthGobi. International mining companies were increasingly facing tougher political hurdles in Mongolia, which is growing wary of China’s increasing ownership of its mining sector.
SouthGobi said it was in the process of identifying a suitable replacement for O’Kane. The company had also fired COO Curtis Church during October.
The company’s shares traded at C$2.09 apiece on Monday on the Toronto-bourse.
Previous article
Fall in metal prices takes toll on Bahrain's Alba
Next articleGovt planning to raise Rs 1,400 cr by selling 12.15% stake in Nalco
Grow with
AL Circle
