ONE of Canada’s top mining executives may be parachuted onto the board of Norilsk Nickel, the £30 billion mining group that is the subject of a fierce tug-of-war between two oligarchs.

Tye Burt, chief executive of Kinross Gold, a leading gold producer quoted in Toronto and New York, will this week be put up for election as part of a replacement set of directors for Norilsk.

The alternative board is being put forward by UC Rusal, the world’s largest aluminium group, and Mikhail Prokhorov, an oligarch who is a big shareholder in Norilsk.

Election of the new directors will be fiercely opposed by the current Norilsk management and Vladimir Potanin, another significant shareholder.

Potanin and Prokhorov were once business partners. Over the last year, however, they have been negotiating a split of their assets, which has resulted in a messy battle for control of several groups – including Norilsk.

Prokhorov is negotiating to sell his stake in Norilsk to UC Rusal, a move that could pave the way for the merger of the companies. Potanin is planning to resist by raising about $7 billion (£3.5 billion) by selling part of Norilsk’s power-station portfolio, and using the money to buy back shares. Norilsk has a secondary listing in the UK, and the City has become a key battle-ground for the two sides. About 20% of the shares are thought to be held in London.

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