Russian gold miner Zapadnaya the latest to plot a London IPO

RUSSIAN gold mining firm Zapadnaya is the latest in a string of firms from the country to plot a London initial public offering, as it presses ahead with its plans to go public amid turbulent market conditions.

The company is in the early stages of pre-marketing talks with investors, with no date yet set for a share sale.

One source close to the process told City A.M. the company was likely to float in autumn on either the London main market or AIM junior exchange, although the listing could come sooner given the right market conditions.

Zapadnaya is seeking to raise about $70m (£43.5m), giving it a valuation of about $200m.

The company holds three major assets in eastern Siberia and produced 67,696 ounces of gold last year, posting net profit of $24.8m .