Flotation will be the highest initial public offer value even for a gold company and the first of many gold seekers who seek to come to London this year.
The society aims to raise the most of $billion by floating a at least 25pc stake in a premium on the London main market. About 250 m $ will be disbursed to repay loans to existing shareholders, 300 million will be invested in projects to increase production and m 450 m $-500$ remaining will be returning to Severstal as profit on his investment.
"Russian origins we grew to become a miner of gold internationally diversified," said Nikolai Zelenski, CEO of Northern gold. ""
"We had interaction with investors, and we believe that we offer a very attractive value proposition: we offer exposure on the gold market, we offer a business that is completely unhedged, and we offer a company with very high rates of growth."
In just three years, Mr. Zelenski, a former consultant with McKinsey, built North of gold in a company with annual revenues of more than 500 m $, focusing on acquiring and turning around mines in distress in West Africa, the Kazakhstan and the Russia.
But some analysts said that even with the Golden Award of $1,400 per ounce of tests, investors may baulk facing valuing assets at 5 billion $ North but spent only 1 $5.3 buy and development, and which were valued at over $ 3 by Nomura analysts recently, in September.
"They look quite significantly increased assessment versus what they spent," said Maxim Matveev, mining analyst at ING in Moscow. "They don't have a very long history of exploitation of the assets they have learned." They have yet to prove that they can resolve any technical problems. »
"I think that investors will focus on assets are now," said Mr. Zelenski. "When we bought them they were in bad condition." We've brought into our team to turn of the asset, thus now that they generate significant cash flow and the resource base has been raised.
Gold North aims to produce 1 m ounces of gold in 2013, maximum 589,000 estimated 2010 ounces. There 8.9 million ounces of proven and probable reserves and about 23 million ounces of gold resources.
Credit Switzerland and Morgan Stanley are banks lead the accord with Trioka of dialogue, the Russian Bank and Canaccord Genuity taking supporting roles.
Severstal may be followed shortly by Glencore, trader international products and Robert Friedland, the contractor of the Canadian mining industry, which float companies Placer based on the Kazakhstan in London this year. Glencore's list Kazzinc and Ivanhoe Mines de Friedland is planned in the Altynalmas list.
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