$9.9billion (MOEX mkt cap) Russian gold miner looks to list on London Stock Exchange
A Russian gold miner has announced its intention to list on the London Stock Exchange, coming off the back of a $9.9 billion market cap in Moscow.
Polyus, the eighth largest gold producer globally and the second largest gold company in the world in terms of reserves, will look to strengthen its position as the lowest cost top-10 producer globally, with a “clear strategy for long term, sustainable growth.”
The company is coming off the back of success after success, with a 19 percent ramp-up in production over the last three years throughout its operations across Russia.
The company currently has six operating mines, five exploration projects and one development project.
Edward Dowling, Independent Non-Executive Chairman at Polyus, says the company can expect a further 44 percent increase in production by 2019 but will continue to strive to sustainable growth.
“Our asset portfolio of Tier-1 open pit assets with long mine lives is competitive globally and we are keenly focused on monetizing our unique resource endowment in a disciplined manner,”
“We have successfully tapped the debt public markets in the past year, having issued two Eurobonds of $500million and $800 million and we feel now is the right time to develop the exceptional equity story of Polyus.”