RE: Sgq BEIJING--Former SouthGobi Resources Ltd. (1878.HK) Chief Executive Alexander Molyneux said Thursday his dismissal overnight is the final part of a succession plan that gained momentum once the company's sale to Aluminum Corp. of China Ltd. (ACH) fell apart last week.
Mr. Molyneux's departure underscores turbulence at a fledgling mining company whose fortunes have mirrored the rise of Mongolia's mining boom and its stumble amid a backlash of nationalism.
SouthGobi said in a statement Wednesday it dismissed Mr. Molyneux effective Wednesday. It didn't provide a reason.
Mr. Molyneux said this is in line with a Rio Tinto Plc (RIO)-led management shake up typical of most of the Australian mining giant's corporate acquisitions.
His departure comes slightly more than a week after the collapse of a potential $920 million deal to sell SouthGobi to Aluminum Corp. of China, the Chinese mining major also known as Chalco.
Chalco and Rio Tinto weren't immediately available for comment Thursday. SouthGobi's spokesman Dave Bartel didn't immediately respond to a call for comment Thursday.