Severstal to hold IPO for gold subsidiary in London

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MOSCOW. January 18. KAZINFORM. Russia's Severstal, one of the world's leading steel and mining companies, will hold an Initial Public Offering of its wholly-owned indirect subsidiary Nord Gold N.V on the London Stock Exchange, Severstal said on Monday.

"The global offer by Nord Gold will consist of newly issued shares and existing shares. The primary proceeds are to be used to repay the net amounts of loans outstanding to Severstal and to fund Nord Gold's growth strategy of exploration, development of key projects and potential acquisitions," the company said.

Nord Gold consolidates several mines in Russia, Kazakhstan, Burkina Faso, Guinea and several geo-exploration projects in these regions, Kazinform cites RIA Novosti /www.en.rian.ru/ .

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