Severstal's Nord Gold could launch IPO pre-marketing next week - source
MOSCOW. Jan 14 (Interfax) - The Severstal group's gold division, Nord Gold, could launch IPO pre-marketing on Monday, a banking source told Interfax.
"We expect Nord Gold pre-marketing to start Monday," the source said.
Reports quoted UralSib Capital as saying at the end of October that Nord Gold might delaying an IPO on the LSE from the autumn until Q1 2011.
The IPO might be for around $1 billion, which would value Nord Gold at $3 billion.
Nord Gold has mandated Credit Suisse, Morgan Stanley and Troika Dialog to arrange the offering of around 30% of its shares.
Severstal has said an IPO is one of a number of options under consideration for developing its gold segment.
Severstal's gold division includes High River Gold Mines Ltd., operating mines Aprelkovo (TransBaikal territory), Neryungri-Metallik (Yakutia), Suzdal, Zherek and Balazhal (Kazakhstan) and several greenfield projects in the same regions and the Irkutsk region. Severstal also owns Crew Gold, which mines gold in Guinea, and a large stake in Canada's Sacre-Coeur minerals, which operates in Guyana.