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ENRC chairman calls it quits

ENRC chairman calls it quits


The chairman of ENRC (LON:ENRC) has quit, throwing the already troubled Kazakh miner into fresh disarray.

Former investment banker Mehmet Dalman has been replaced by Gerhard Ammann, a non-executive director of the company and former head of auditing firm Deloitte.

Dalman was hired 14 months ago to sort out the mess at ENRC amid a stand-off between directors and its co-founding shareholders.

He had been leading a probe into allegations of corruption and warned executives he would quit over a spat about transparency.

His departure adds to the long list of ENRC executives to have called it a day in April, including its group financial controller and chief commercial officer.

“I have a clear mandate from the board,” said new chairman Gerhard Ammann. “My role is to work efficiently with internal and external stakeholders to draw a line under the past, allowing the true potential of the group's excellent asset base to be realised and contribute to a more appropriate valuation.”

ENRC is controlled by its three co-founders, who own over 14% each, plus copper producer Kazakhmys, with a 26% stake, and the government of Kazakhstan.

It was revealed on Friday that its co-founders were, along with the Kazakh government, sizing up a takeover bid for the company. Shares in ENRC and Kazakhmys soared on the news.

Shares in ENRC rose 4% to 293p today.


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