18/12/2006 Exchange welcomes Polyus Gold to the Main Market
18 December 2006
The London Stock Exchange today welcomed Polyus Gold, Russia’s largest gold producer, to the Main Market.
Polyus Gold (PLZL) was formed in March 2006 following the spin-off of Norilsk Nickel’s gold mining assets. Headquartered in Moscow, Polyus Gold’s asset portfolio includes hard rock and placer gold deposits in the Krasnoyarsk, Irkutsk, Magadan, Yakutia and Amur regions of Russia. Its reserves were audited by Micon International in 2006 at 50.8 mln oz. In 2005, Polyus Gold produced 1038 thousand oz of gold.
Polyus Gold’s listing on the Exchange is an important step in the company’s evolution as it will facilitate trading of the company’s ADRs which are currently traded on the over the counter market in the United States. Polyus Gold currently has a free float of 49% with its shares listed in Russia.
Evgueni Ivanov, Chief Executive Officer, said
“The last year has been an important period of dynamic change for Polyus. Not only did we complete our spin off from Norilsk Nickel, but we have also seen our shares listed in the United States and now the UK. This has opened up the exciting opportunity that our leading position in the Russian gold industry represents to investors from around the world, and we hope that today’s listing will facilitate wide ownership of Polyus shares among international institutional investors.
We also welcome the greater transparency that a London Stock Exchange listing requires of our business, and are proud of the fact that we are the first Russian company to file a competent person’s report, an independent verification of our reserves and resources.”