Nordgold buys back GDR for another $676,907, in total since start of buyback - $21.8 mln
MOSCOW. Aug 17 (Interfax) - Gold producer Nordgold has conducted its next buyback of shares during its buyback program - 231,146 GDR (0.0617% of the current charter capital) for a total sum of $676,907, the company said in a statement.
The deals were carried out on August 10-14.
In total, since the start of the buyback program, Nordgold has bought 7,659,284 GDR for a total sum of $21.76 million. The limit of funds for the buyback is $30 million.
A large part of the bought shares have already been cancelled by the company: as a result of four stages of cancellation, the charter capital in total has been decreased by 1.718% from the initial volume. Now the company still has 1,110,924 (0.2967%) of its own shares that it bought during the buyback
Nordgold is the former gold producing subdivision of Severstal's resource division, and it was spun off in January 2012. Steel magnate Alexei Mordashov is Nordgold's principal beneficiary with an 89.75% stake. About 10% of the shares are in free float.
The company operates nine active mines in four countries - Russia, Kazakhstan, Guinea, and Burkina Faso - as well as a number of projects at the development and exploration stages.