 In July 2013, the shares in Turquoise Hill Resources (Rio Tinto's unit that controls 66% of the mine) dropped 20% after a dispute between Tserenbat Sedvanchig, the executive director of Erdenes Oyu Tolgoi (the state-owned company that controls the other 34%), and Rio Tinto.Sedvanchig was fired in August and replaced by Davaadorj Ganbold, a former deputy minister and member of parliament.In the meantime, Rio Tinto cut 1700 Mongolian employees from the mining operation.