New Chairman appointed at Kazakhstan-focused miner ENRC

FTSE 100-listed diversified natural resources group Eurasian Natural Resources Corporation (ENRC) has appointed Gerhard Ammann as Acting Chairman with immediate effect.

FTSE 100-listed diversified natural resources group Eurasian Natural Resources Corporation (ENRC) has appointed Gerhard Ammann as Acting Chairman with immediate effect.

The appointment follows the decision of Mehmet Dalman to step down. Ammann will retain the executive responsibilities previously held by Dalman.

Ammann has been an independent Non-Executive Director of the group for more than five years and currently chairs the Investment Committee, as well as sitting on the Health, Safety, Environment and Community Committee.

Prior to joining the board of ENRC Ammann was Chairman and Chief Executive Officer of Deloitte in Switzerland and has over 30 years of experience as an auditor of international companies, primarily in banking, finance and international trade, the group said.

The group also announced that Professor Dieter Ameling and Sir Paul Judge would not be standing for re-election as directors of the group at the annual general meeting on June 5th 2013.

Ammann, Acting Chairman of ENRC said: "I would like to express the group's thanks to Mehmet Dalman, who has been one of our longest standing directors. Prior to becoming Chairman of the group, Mehmet oversaw all of the group's acquisitions as Chairman of the Mergers and Acquisitions Committee.

"His initiatives to improve corporate governance have established a foundation on which we can build in the weeks and months ahead. I would also like to express gratitude to Dieter Ameling and Paul Judge for their contributions to the group during their tenures. I have a clear mandate from the board. 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."

Dalman said: "I believe I have achieved all that I can as Chairman of ENRC and it is therefore appropriate to hand over the reins to new leadership. I am confident that the interests of the minority shareholders will be well served by strong non-executive Directors."

Ammann's appointment will be submitted to shareholders for approval at the group's AGM on June 5th 2013.

The appointment comes just five days after the board of ENRC issued a public statement on its website in response to an announcement by shareholder Alexander Machkevitch.

The announcement stated: "The board of ENRC notes the announcement earlier today from Mr Alexander Machkevitch that he is in the preliminary stages of forming a consortium to assess a potential offer for the company. The board confirms that it has not received any proposal which could result in an offer or possible offer for the group."

MF

Recommended

Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022
Why you should short this broadband satellite company
Trading

Why you should short this broadband satellite company

With an ill-considered business plan, broadband satellite company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022
Momentum investing – and why price matters more than anything else
Investment strategy

Momentum investing – and why price matters more than anything else

The recent fashion for momentum investing, with investors piling into expensive growth stocks, is nothing new, says Merryn Somerset Webb. And the dang…
21 Sep 2022

Most Popular

Why we should abolish stamp duty – the worst tax in Britain
Tax

Why we should abolish stamp duty – the worst tax in Britain

Stamp duty is Britain’s most horrible tax. We should forget cutting it and abolish it altogether, says Merryn Somerset Webb.
22 Sep 2022
Mini-Budget: stamp duty and income tax cut as Kwarteng targets growth
Tax

Mini-Budget: stamp duty and income tax cut as Kwarteng targets growth

Chancellor Kwasi Kwarteng announced sweeping tax cuts in his mini-Budget statement. Here's what was said.
23 Sep 2022
Could gold be the basis for a new global currency?
Gold

Could gold be the basis for a new global currency?

Gold has always been the most reliable form of money. Now collaboration between China and Russia could lead to a new gold-backed means of exchange – g…
22 Sep 2022