Russian gold miner Polyus eyes LSE listing
POLYUS, Russia’s largest gold producer, said yesterday that it expects to complete a premium listing on the London Stock Exchange next month and is likely to join the FTSE 100 index.
“As already the largest gold producer in Russia and one of the top ten globally, Polyus Gold aspires to become one of the world’s leading gold mining companies,” said chief executive German Pikhoya.
The miner, owned by tycoons Mikhail Prokhorov and Suleiman Kerimov, currently has global depositary receipts trading in London but aims to get a so-called premium listing, which would put the $7.4bn (£4.6bn) gold miner in a stronger position for possible international mergers.
But the process has been delayed by regulatory hurdles, particularly the requirement that Polyus has a free float of at least 25 per cent.
Earlier this month the firm raised $635m by selling a five per cent stake to Chinese investor CIC, taking its free float to 22 per cent.
The UK Listing Authority is expected to grant a waiver for the remaining three per cent.