Why Turquoise Hill Resources Stock Is Tumbling Today

Shares of Turquoise Hill Resources (NYSE: TRQ) had tumbled as much as 11.7% by 10:45 a.m. EST on Thursday. Weighing on the mining stock was the resignation of its CEO due to its ongoing dispute with majority owner Rio Tinto Group (NYSE: RIO).  

Turquoise Hill CEO Ulf Quellmann has resigned, effective yesterday. Quellmann and the board of directors agreed that it was not in Turquoise Hill's best interest for him to continue in that position. The company has appointed former CFO Steeve Thibeault as the interim CEO while it searches for a replacement. 

An open-pit copper mine. Image source: Getty Images.

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Source Fool.com