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Norilsk Nickel president Prokhorov resigns

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MOSCOW, March 15 (RIA Novosti) - Russian billionaire Mikhail Prokhorov has resigned from the posts of director general and president of Norilsk Nickel [RTS: GMKN], the company said Thursday in a news release.

In late January Prokhorov, ranked Russia's 10th richest man by Forbes, announced that he would sell his 27.4% stake in the world's largest nickel producer to Interros co-owner and business partner Vladimir Potanin, and resign as Norilsk Nickel's director general.

The metals giant's news release said Prokhorov presented Denis Morozov, a deputy director general of Norilsk Nickel, to the board of directors as a replacement candidate.

Prokhorov said earlier he had decided to consolidate his energy assets, developing both traditional and alternative energy sources.

In today's statement Prokhrov said he was resigning earlier than expected "as it is clear that occupying executive posts in Norilsk Nickel, while forming a new business.... is impossible, since it will naturally result in a conflict of interests."

Prokhorov retains shares in other Interros assets - Polyus Zoloto gold producer, Rosbank, Prof-Media holding, Open Investment, and Russia's largest engineering company Power Machines - and intends to manage them through a new investment vehicle.

Norilsk Nickel is one of the world's largest precious and non-ferrous metal producers, accounting for more than 20% of the world's nickel output, and over 10% of cobalt and 3% of copper. The company produces 96% of Russia's nickel, 55% of its copper and 95% of its cobalt.

In 2006, Norilsk Nickel produced 3.164 million ounces (98.4 metric tons) of palladium, compared with 3.133 million ounces (97.4 metric tons) in 2005, and 752,000 ounces (23.4 metric tons) of platinum, compared with 751,000 ounces in 2005.

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