DJ Prokhonov, Potanin Up Polyus Gold Stake To 30% Each - Report

MOSCOW, Mar 25, 2008 (Dow Jones Commodities News via Comtex) -- NO MATCHES FOUND. | news | PowerRating | PR Charts -- Majority shareholders of Russia's largest goldminer, OAO Polyus Gold (PLZL.RS), Mikhail Prokhonov and Vladimir Potanin, have recently increased their stake in the company to 30% each, Kommersant daily reported Tuesday, citing unnamed sources.

Prokhorov and Potanin, the two former business partners who are now locked in a painful division of their once jointly owned OAO Norilsk Nickel (GMKN.RS), both owned 22% stakes in Polyus through their investment vehicles, Oneksim and Interros. In addition to their 30% stakes, each owns an additional 3.7% through a jointly-controlled company, KM Invest, according to official information.

Potanin's holding company Interros has asked Polyus minority shareholders to support certain proposals on management issues. These are aimed at blocking a move by the gold miner's management to repackage its exploration assets into a new offshore company.

Shareholders will vote at an extraordinary general meeting April 7 on a new board of directors and on amendments to the charter that would place restrictions on the authority of Polyus management, Kommersant said.

Polyus Gold, Interros and Oneksim declined to comment.

Newspaper Web site: http://www.kommersant.ru

-By Moscow Bureau, Dow Jones Newswires; +7 495 974 8055

(END) Dow Jones Newswires

03-25-08 0257ET

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