No corp. news, but Polyus Gold stock surges over 25%
MOSCOW. Feb 3 (Interfax) - Polyus Gold shares had soared more than 25% by midday Friday in the absence of corporate news, but amid still rising gold prices.
By 12:01 p.m. Moscow time, company shares had risen to 1,287.3 rubles apiece on the MICEX-RTS exchange, their highest point since December 8. Gold was up to $1,761.3 per troy ounce.
Polyus stock had been steadily sliding since early November from 1,860 rubles per share.
After a reverse takeover (RTO) deal in 2011, Polyus Gold Int (formerly KazakhGold) gained control of Polyus Gold, Russia's largest gold producer, developing ore and alluvial deposits in the Krasnoyarsk Territory and the Irkutsk, Magadan and Amur regions in the Republic of Sakha (Yakutia), as well as Kazakh and Romanian assets earlier owned by KazakhGold. Polyus Int produced 1.1 million oz (34.2 tonnes) of gold in January-September 2011, and the guidance for the year as a whole was set at 1.4-1.5 million oz.
Company management said from the start that the deal's completion involved de-listing of the company's ADR on the LSE, which took place on January 20. Tier-1 Polyus Gold GDRs trades on the LSE under the ticker PLGL.
