Russian miner plans LSE float

Russian coal and iron ore miner OAO Koks said yesterday it plans to float in London raising £400m to expand its operations.

The Siberian based firm, which is controlled by Boris Zubitsky and his family, plans to offer shares and global depositary receipts in the business in Moscow and London.

The firm said in 2009 it made a profit of 4.6bn roubles (£96m) on sales of 27bn roubles. It added: “The proposed IPO represents the next logical step in Koks Group’s development. It will enable us to increase the level of self-sufficiency in obtaining key raw materials.”