Uzhuralzoloto going for gold in London

According to Kommersant (19 January 2012), Uzhuralzoloto Group of Companies (UGC) may try to sell a 25 per cent interest in the Chelyabinsk-based gold miner on the London Stock Exchange this spring, with the goal of raising USD 200 million from the sale.

As the newspaper notes, UGC has already tried to list on three separate occasions, but to no avail. Bankers highly doubt that the planned IPO listing will proceed given the current state of the capital markets and note that the gold miner would probably be more successful if it were to list in Russia instead.

UGC posted RAS 2011 first-half revenues of RUB 3.2 billion, and net profits of RUB 1.1 billion.

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