9 Oct 2009 13:26

Metalloinvest replaces representative on Nautilus board

TORONTO. Oct 9 (Interfax) - Alisher Usmanov's Metalloinvest, which owns 21% of Canada's Nautilus Minerals via the Cyprus-registered Gazmetall Holding, has replaced its own representative on the Canadian company's board.

Nautilus said in a statement that Matthew Hammond, an advisor to the Metalloinvest board of directors, replaced Farhad Moshiri, who is Metalloinvest's board chairman, as a non-executive director at Nautilus.

At Metalloinvest, Hammond is responsible for a portion of the company's non-core assets, as well as an advisor to the board for strategic acquisitions and investment. Hammond served as director at Credit Suisse for 12 years.

Farhad Moshiri was elected to the board of directors at MMC Norilsk Nickel , in which Metalloinvest owns a minority stake, in July.

Nautilus aims to be the world's first company to mine gold, copper and other metals in the territorial waters of Papua New Guinea.