Nordgold is first client to join Jefferies Hoare Govett

David Hellier
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NORDGOLD, the gold producing company spun off by the Russian group Severstal, yesterday appointed Jefferies Hoare Govett as its corporate broker and financial adviser, the first broking win for the newly-merged firm.

Peter Bacchus, global head of metals and mining investment banking, said that Nordgold, which is currently valued at about £2bn, “is a fantastic company with an exciting time ahead of it.”

Although listed in London, Nordgold has a free float of only around 11 per cent, with the remainder of the shares owned by Severstal owner Alexei Mordashov. Nordgold was sold off by Severstal last year.

News of the client win was revealed as reports suggested that two senior Jefferies employees, Chris Snoxall and Julian Smith, left the firm last week. Jefferies declined to comment.