Advertisement

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/uk-economy/601427/covid-bounce-back-loans-and-inflation
UK Economy

What bounce back loans can tell us about how we’ll pay for all this

The government will guarantee emergency "bounce back loans" for small businesses hit by Covid-19. Inevitably, many businesses will default. And there'…
1 Jun 2020
Visit/investments/commodities/601433/commodities-possibly-the-biggest-opportunity-in-todays-markets
Commodities

This looks like the biggest opportunity in today’s markets

With low interest rates and constant money-printing, most assets have become expensive. But one major asset class hasn’t. John Stepek explains why com…
2 Jun 2020
Visit/economy/global-economy/601420/james-ferguson-the-virus-the-lockdown-and-what-comes-next
Global Economy

The MoneyWeek Podcast: James Ferguson on the virus, the lockdown, and what comes next

Merryn talks to MoneyWeek regular James Ferguson of Macrostrategy Partnership about what's happened so far with the virus; whether the lockdown was th…
28 May 2020