Forrest steps down from Poseidon

Billionaire Andrew Forrest resigned as chairman of Poseidon Nickel due to his philanthropic duties. Source: AAP

BILLIONAIRE miner Andrew Forrest has stepped down as chairman of Poseidon Nickel, one week before the company is due to repay him an $8 million loan.

Mr Forrest has resigned from the board due to his overwhelming philanthropic duties, the company said in a statement.

Mr Forrest, the chairman and founder of iron ore miner Fortescue Metals Group, is also Poseidon's largest shareholder with a 30 per cent stake.

He made a loan to the company in April 2012 as Poseidon Nickel sought to restart the historic Windarra nickel project in Western Australia.

But the company has since failed to secure $200 million in debt financing to get the mine up and running.

Nickel prices have been weak due to an oversupply since 2011.

The Windarra site was developed by a separate company also called Poseidon in 1969 during a boom in prices.

That boom was quickly followed by a dramatic crash, which led to a scandal known as the Poseidon bubble, which led to changes being made to share market trading rules.

Poseidon Nickel thanked Mr Forrest for his guidance and inspiration, saying the Windarra project had been taken from a concept to an exciting development ready for construction.

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