China Molybdenum Co chairman Li Chaochun has resigned from his position but will remain vice chairman and chief investment offer in a management shuffle, the mining company said late on Friday.

Li, 43, who had led China Moly since January 2014 and oversaw its purchase of a majority stake in the Tenke Fungurume copper-cobalt mine in the Democratic Republic of Congo, was replaced as chairman by Yuan Honglin, 53, a director of the company with more than 20 years’ experience in banking.

In his new role, Li “is responsible for strategic merger and acquisition and investment cooperation, both domestic and overseas,” China Moly said in a filing to the Hong Kong stock exchange, hailing his “significant contributions” to the company’s development.

The company appointed Zhou Jun, who has been heading up operations at Tenke Fungurume since April 2019, as deputy general manager.

China Moly bought a 56% stake in Tenke Fungurume, one of the world’s biggest copper-cobalt mines, in 2016 before raising its holding to 80% last year.

(By Tom Daly; Editing by William Mallard)