Proactive Investors - Run By Investors For Investors

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Former investment banker Mehmet Dalman has been replaced by Gerhard Ammann, a non-executive director of the company and former head of auditing firm Deloitte.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


View full ENRC profile View Profile

Eurasian Natural Resources Timeline

November 05 2013
April 24 2013
April 19 2013

Related Articles

Citronen camp in Greenland
April 02 2019
Its Citronen project is in Greenland while its Captains Flat JV with Glencore is in NSW.
Lithium on table of elements
April 04 2019
The McDermitt Lithium Project features a high-grade ETR of 20-80 million tonnes at 2100-2600 ppm.
project area
February 06 2019
Drilling to improve the JORC classification and extend the current resource will start this quarter.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use