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RusAl nominates candidates for NorNickel board

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MOSCOW, November 27 (RIA Novosti) - UC RusAl has nominated former Kremlin administration chief Alexander Voloshin and Russian Technology Corporation chief Sergei Chemezov as independent directors for the Norilsk Nickel board, RusAl said on Thursday.

The metals giant's shareholders will vote on candidates for the new 13-member board on December 26.

Aluminum giant RusAl holds 25% plus two shares in Norilsk Nickel.

Interros, owned by Russian billionaire Vladimir Potanin, which holds some 30% in Norilsk Nickel, also nominated Voloshin on Wednesday as independent director of the new Norilsk Nickel board.

Russian business daily Kommersant reported on Wednesday that two rival billionaire shareholders in Norilsk Nickel - Potanin and RusAl owner Oleg Deripaska - "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 inclusion of a government representative was one of the terms under which state-controlled Vnesheconombank agreed to grant RusAl a $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, the paper said.

Potanin announced on Tuesday that the heads of companies holding major stakes in Norilsk Nickel would not sit on its board.

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.

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