ARMZ chief to quit post to become U1 president - sources
MOSCOW. April 19 (Interfax) - Vadim Zhivov is stepping down as general director of uranium holding Atomredmetzoloto (ARMZ) in order to become president of Uranium One, sources familiar with the decision told Interfax.
The sources said Zhivov is standing down in accordance with an agreement with minority shareholders in U1, which states that he cannot combine the posts of U1 and ARMZ chief.
One source said Zhivov would be appointed advisor to Sergei Kiriyenko, general director of the Rosatom corporation, for uranium business development. He could also join the ARMZ board and chair it.
ARMZ's managing director, Yakov Polunkin, will probably be appointed a general director.
ARMZ has said it would hold an extraordinary meeting on May 3 to elect a new company chief. Sources told Interfax that a new board of directors would probably be elected at the same meeting. ARMZ declined to comment on the reshuffle.
Uranium One owns 70% of the Akdala and South Inkai projects, 50% of Karatau and 30% of Kharasan-1, all in Kazakhstan; and assets in the United States, South Africa and Australia.
Rosatom owns 80.34% of ARMZ, which has uranium reserves of 546,000 tonnes and mined 4,624 tonnes in 2010.