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    RIO   AU000000RIO1

RIO TINTO GROUP

(RIO)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 07/30
133.42 AUD   -0.56%
10:01aRio Tinto readies to ship trial lithium plant to Serbia
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07/30European ADRs Drop Nearly 0.5% as Miners, Drillers Lag
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07/30RIO TINTO : Combined Slides & Scripts
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Rio Tinto : Activist investor Pentwater takes aim at Turquoise, Rio boards over CEO exit

03/05/2021 | 11:18am EDT

(Reuters) - Activist investor Pentwater Capital Management LP on Friday condemned the surprise resignation of Turquoise Hill Resources Ltd's chief executive officer following pressure from the Canadian miner's top shareholder Rio Tinto.

Turquoise Hill said on Thursday Ulf Quelmann resigned, effective March 3, after Rio said it would vote against his re-election to the board.

Pentwater, Turquoise Hill's largest shareholder after Rio with a 9% stake, said it believed the boards of Turquoise and Rio breached their legal obligations in the way Quelmann's departure was handled.

In response to Pentwater's statement, a Rio spokesman said the company supports the reset of leadership at Turquoise.

Turquoise Hill did not immediately respond to requests for comment.

During Quelmann's over two-year tenure as CEO, Turquoise found itself locked in a feud with Rio over how to fund the underground expansion of the massive Oyu Tolgoi copper-gold mine in Mongolia.

Rio is the operator for the mine and owns 51% of Turquoise Hill, which in turn owns 66% of Oyu Tolgoi.

Pentwater did not detail what actions it plans to take and did not immediately respond to a request for comment.

(Reporting by Shariq Khan in Bengaluru; Editing by Sriraj Kalluvila)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
RIO TINTO GROUP -0.56% 133.42 End-of-day quote.17.21%
RIO TINTO PLC -2.94% 6101 Delayed Quote.11.54%
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Financials (USD)
Sales 2021 67 104 M - -
Net income 2021 24 559 M - -
Net cash 2021 4 506 M - -
P/E ratio 2021 5,66x
Yield 2021 13,7%
Capitalization 36 291 M 36 313 M -
EV / Sales 2021 0,47x
EV / Sales 2022 0,60x
Nbr of Employees 47 500
Free-Float 65,3%
Chart RIO TINTO GROUP
Duration : Period :
Rio Tinto Group Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends RIO TINTO GROUP
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Last Close Price 84,79 $
Average target price 90,14 $
Spread / Average Target 6,31%
EPS Revisions
Managers and Directors
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Simon Robert Thompson Chairman
Arnaud Soirat Chief Operating Officer
Megan Clark Independent Non-Executive Director
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