Russian Miner Nordgold Targets $5 Billion London IPO
03 Junio 2021 - 6:30AM
Noticias Dow Jones
By Ben Dummett and Alistair MacDonald
LONDON -- Russian gold miner Nord Gold PLC said Thursday it aims
to list in London and Moscow in the coming weeks, seeking to
capitalize on a renewed interest in commodity stocks and
strengthening gold prices as a hedge against rising inflation.
The company is targeting a valuation of up to $5 billion,
according to a person familiar with the matter, a level that could
make it one of the largest mining initial public offerings in
recent years. It could also give the miner a place in the U.K.'s
prestigious FTSE 100 blue-chip index. The Wall Street Journal
reported in January that the company was looking to go public.
A recent boom in commodity prices has rekindled investor
interest in mining stocks, analysts say, after years of ignoring
the sector. Many mined commodities have hit record prices this year
as the global economy rebounds from Covid-19, governments pledge to
spend more money on infrastructure and supply stutters for some
resources.
Gold has had a more mixed run. After two years of steep gains,
its price fell in the second half of last year and at the start of
2021.
But the precious metal is up almost 10% since late February, in
part as investors look for hedges against inflation, which is
ticking higher amid the economic rebound.
Nordgold, as the company calls itself, isn't planning to raise
any fresh funding in the IPO. Instead, its existing shareholders
plan to sell at least 25% of their stake in the miner, giving it a
free float that would make the stock eligible for inclusion in
London's main indexes.
Nordgold, which operates nine mines in Russia, Kazakhstan and
West Africa, produced over one million ounces of gold last year and
generated more than $1 billion of adjusted earnings before
interest, tax, depreciation and amortization.
While a successful IPO would likely be one of the largest for a
mining company for years, Nordgold's targeted valuation of up to $5
billion would trail that of other gold miners such as Newmont Corp.
and Barrick Gold Corp., which have market capitalizations of $58
billion and $43 billion respectively.
Other gold miners have also looked to list in London.
Toronto-based Yamana Gold Inc. added a London listing last year and
Canada's Endeavour Mining Corp. has said it plans to take a
secondary listing on the exchange this month.
Write to Ben Dummett at ben.dummett@wsj.com and Alistair
MacDonald at alistair.macdonald@wsj.com
(END) Dow Jones Newswires
June 03, 2021 07:15 ET (11:15 GMT)
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