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Nordgold to proceed with LSE listing

Finance

Alexey Mordhasov-OAO Severstal CEO
Publishing Date
16 Jan 2012 4:12pm GMT
Author
Mining Journal

Summary

Russia-based OAO Severstal has announced that its gold-producing arm, Nord Gold NV, is to be spun off and listed on the London Stock Exchange (LSE) on January 19.
Russia-based OAO Severstal has announced that its gold-producing arm, Nord Gold NV, is to be spun off and listed on the London Stock Exchange (LSE) on January 19.

The forthcoming listing follows an exchange of stock first proposed in November 2011, handled by Severstal subsidiary Lybica Holdings BV. The transaction saw 2% of Severstal stock exchanged for a 10.6% holding in Nordgold, exceeding the 5% minimum required for the listing to proceed.

Nordgold stock not acquired under the exchange will be taken up by Rayglow Ltd, a company owned by Severstal’s chief executive officer and controlling shareholder, Alexei Mordashkov.

Severstal chairman Chris Clarke said “The listing of Nordgold marks the end of Severstal's successful involvement in gold. The transaction enables Severstal now to focus entirely on its core strengths as a leading vertically integrated steel and steel-related mining company.”

On December 9, Nordgold announced that it had produced 550,700oz Au in the first three quarters of 2011.



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