Russia’s Nordgold Says Considers Delisting From London Stock Exchange
MOSCOW, Jan 31 (Reuters) – Russian gold miner Nordgold said on Tuesday it was considering delisting its global depositary receipts from the London Stock Exchange but that no decision had been taken yet.
“The board of directors continues to consider options for maximising shareholder value, including a potential delisting of the company’s global depositary receipts, although no decision has been taken,” Nordgold said in a statement.
Russia’s Kommersant newspaper reported on Monday that Nordgold, more than 90 percent owned by billionaire Alexei Mordashov, was unhappy with the low price and liquidity of its shares and could delist or buy out minority shareholders.
Nordgold (LSE: NORD) is an internationally diversified gold producer established in 2007 and publicly traded on the London Stock Exchange. Nordgold has a proven track record of operational excellence and benefits from a significant international development pipeline. The Company is relentlessly focused on shareholder value, committed to running safe, efficient, profitable operations, which enable it to generate strong cashflows and in turn, continue to invest in its pipeline of new growth opportunities while generating returns for investors. In 2016, Nordgold produced 869 koz of gold.
Nordgold operates 9 mines (4 in Russia, 3 in Burkina Faso and one each in Guinea and Kazakhstan). It has one project in construction phase (Gross in Russia), several prospective projects in feasibility study, preliminary economic assessment and advanced exploration phase and a diverse portfolio of early-stage exploration projects and licences in Burkina Faso, Russia, French Guiana and Canada. Nordgold employs over 8,000 people.