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Live Coverage Russia mine boss faces charges after Putin rebuke Gleb Bryanski and Anastasia Lyrchikova MOSCOW Tue May 18, 2010 9:26am EDT Related News UPDATE 3-Russia mine boss faces charges after Putin rebuke 9:24am EDT Russian mine boss resigns after rebuke from Putin 4:21am EDT Putin calls for tighter mine controls after blast Mon, May 17 2010 Russia coal miners protest after deadly blasts Sat, May 15 2010 Russian mine death toll hits 60; 30 still missing Wed, May 12 2010 A worker bends down during the restoration of Raspadskaya mine in Kemerovo region, May 12, 2010. Credit: Reuters/Stringer MOSCOW (Reuters) - The boss of Russia's Raspadskaya mine quit on Tuesday after Prime Minister Vladimir Putin assailed him over explosions that killed 66 people and could be prosecuted following a safety probe into the tragedy. World | Russia But shares rose in Raspadskaya, which accounts for around 10 percent of Russia's coking coal output, following what analysts said was an absence of criticism of the mine's owners. By 8 a.m. ET the stock was up 1 percent, outperforming the MICEX index, which was up 0.5 percent. Major Raspadskaya stakeholder, steelmaker Evraz, controlled by billionaire Chelsea football club owner Roman Abramovich and tycoon Alexander Abramov, rose 4.5 percent in London, also outperforming the broader index. Putin on Monday called for closer state involvement in safety in the coal industry and singled out mine director Igor Volkov as responsible for safety violations. Analysts at banks and brokerages noted that Putin, known for his sharp rebukes of tycoons, avoided direct criticism of the company's owners. "We did not identify any direct charges against Raspadskaya's management in media reports on the teleconference, which in our view may reduce the risks to Raspadskaya's reputation that have arisen as a result of the fatal accident," Renaissance Capital brokerage said in a note. Deutsche Bank said in a research note that the outcome of the conference call chaired by Putin "eased the risks of changes in the structure of shareholders at Raspadskaya." Putin drastically cut the powers of the oligarchs after becoming president in 2000, ending a period of chaotic sell-offs of the 1990s under predecessor Boris Yeltsin. But Putin's critics say some tycoons have preserved better ties with the Kremlin and the government -- as demonstrated during last year's economic crisis when the state agreed to bail out only a dozen enterprises, including Evraz. TENSIONS HIGH Tensions are running high in the town where the blast took place, with riot police called in last Saturday to disperse miners who blocked a railway line to protest over low pay and poor safety. On Monday, Putin said Russia's work safety body Rostekhnadzor had asked courts four times to disqualify and dismiss mine director Volkov for multiple violations. "As we know, from the 8th to the 9th there was a devastating tragedy at the mine, but citizen Volkov is still working and sitting in the hall with you all," Putin said. Raspadskaya spokeswoman Galina Kovalchuk said Volkov's resignation had been accepted and Raspadskaya Chief Executive Gennady Kozovoy had taken over his duties. The influential investigative committee of the prosecutors' office said it would open a criminal case against Volkov and might reopen a probe into another deadly accident that killed 110 miners in 2007 as part of wider probes of the sector. The 2007 tragedy took place at the Ulyanovskaya mine, which currently belongs to an Evraz subsidiary. Putin said Rostekhnadzor should be allowed to shut down coal mines if methane content in the air exceeds 2 percent and to dismiss management without a court decision. "All (this) will lead to overall cost escalation in the Russian coal mining industry. Cultural and work ethic changes will take time. Safety in the short term remains an issue," Citi analysts wrote in a research note. (Reporting by Gleb Bryanski and Anastasia Lyrchikova, Writing by Dmitry Zhdannikov; Editing by David Cowell) World Russia Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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