RusAl nominates candidates for NorNickel board

RIA Novosti reported that UC RusAl has nominated Mr Alexander Voloshin former chief of Kremlin administration and Mr Sergei Chemezov chief of Russian Technology Corporation as independent directors for the Norilsk Nickel board. Aluminum giant RusAl holds 25% plus two shares in Norilsk Nickel. Interros, owned by Russian billionaire Mr Vladimir Potanin, which holds some 30% in Norilsk Nickel, also nominated Mr Voloshin last week as independent director of the new Norilsk Nickel board. The metals giant's shareholders will vote on candidates for the new 13 member board on December 26th 2008. Russian business daily Kommersant reported recently that two rival billionaire shareholders in Norilsk Nickel Mr Potanin and Mr Oleg Deripaska owner of Rusai had managed to resolve all disputed issues through negotiations. According to Kommersant, RusAl and Interros will have four seats each on the board of directors, which will also have three independent members and a government representative. The paper said that the inclusion of a government representative was one of the terms under which state controlled Vnesheconombank agreed to grant RusAl a USD 4.5 billion loan to refinance its debt to a consortium of Western banks accumulated as a result of purchasing the stake in Norilsk Nickel. Norilsk Nickel is Russia's largest diversified mining and metals company the world's largest producer of nickel and palladium, and one of the world's largest producers of platinum, rhodium, copper and cobalt. ---Steelguru