Mongolia’s Erdenes COO Hancock Said to Resign on Cash Crunch

Graeme Hancock, chief operating officer of Erdenes Tavan Tolgoi, resigned as Mongolia’s biggest state-owned coal company faces a cash crunch that’s disrupted shipments to China, a person familiar with the situation said.

The board of the state-run company accepted Hancock’s resignation this week, the person said, declining to be named before the matter is announced publicly. Hancock was the second-highest executive at Erdenes TT, as the miner is also known, and his role included preparing the company to list in Hong Kong, London and on a domestic bourse, the person said.