Norilsk to Investigate New Rival's Assets

Norilsk Nickel, the metals giant controlled by billionaire Vladimir Potanin, said Friday that it was opening an investigation into the legal grounds for moving assets from Norilsk to Mikhail Prokhorov's new metals company, Intergeo.

Onexim Group, Prokhorov's investment vehicle, announced the creation of Intergeo on Thursday, listing as its assets 11 fields holding an estimated 15 million tons of copper, and 9 million tons of nickel, as well as molybdenum, platinoids, titanium, and gold.

Norilsk's investigation will happen in the framework of transferring responsibilities from the former Norilsk deputy chief executive Maxim Finsky, who is leaving the company to head Intergeo, company said in a statement.

Norilsk representative Maria Uvarova declined to provide further details until the investigation is completed.

Onexim Group spokesperson Igor Petrov was not available for comment Friday.