Nord Gold plans to raise £1bn in IPO January 27, 2011 RUSSIAN mining group Severstal’s gold unit Nord Gold is seeking up to £933m from a London float, that would see the firm valued at up to £2bn. The conglomerate announced it would spin out its mining arm, a gold producer focussed on emerging markets, earlier this month. Nord Gold is expected to begin trading in [...]
UK listing for Severstal gold mining group January 17, 2011 RUSSIAN steel company Severstal yesterday announced plans to float its Nord Gold unit in London to raise more than $1bn (£629m). It values the company at over $4bn. The premium listing of at least 25 per cent of the gold miner is set to be the biggest mining float since Nate Rothschild’s $1bn offering of [...]
Good news boosts FTSE to 2008 levels January 12, 2011 BANKS and miners dominated the FTSE today, leading the index to another 31-month high as good news from Portugal’s bond sale boosted financial stocks, and miners tracked metals prices higher. Four FTSE 250 companies also posted double-digit gains as news that Gartmore agreed a £335.3m takeover deal by rival Henderson sent their shares higher. The [...]
ENRC advised by PwC on UK tax move January 6, 2011 ENRC, the mining group partly-owned by the Kazakh government and listed on the FTSE, has been advised that by relocating to Switzerland it could save itself £20m a year in tax. According to SkyNews, the group was given the advice by its auditors PricewaterhouseCoopers several months ago but the matter has not been considered at [...]
FTSE 100 bounces back after a strong performance from the financial sector October 18, 2010 Britain’s top shares rebounded yesterday after falls in the past two sessions, boosted by oils and banks, with better-than-expected results from Citigroup and hopes of more US economic stimulus improving sentiment. The FTSE 100 index ended 39.15 points, or 0.7 per cent, higher at 5,742.52 after falling last Thursday and Friday. The index is up [...]
First Quantum acquires new Peruvian mine October 18, 2010 FIRST Quantum Minerals said it has paid C$460m (£285m) for Antares Minerals yesterday, in a move to diversify following the confiscation of its copper mine in the Democratic Republic of Congo. Antares’ principal asset is the Haquira copper project in southern Peru, which contains around 3.7m tonnes of copper equivalent. It also lies next to [...]
Kazakhmys chairman offloads chunk of shares to the Kazakh government October 5, 2010 Kazakhmys chairman Vladimir Kim has sold nearly a third of his stake in the company to the Kazakh government for about $1.3bn (£818m), sparking concerns about increasing government involvement in the copper producer. Kim sold about 11 per cent of the London-listed company to diversify his investments ahead of a possible secondary listing next year [...]
Banks and miners pull FTSE lower September 21, 2010 Britain’s leading shares faltered by yesterday’s close as investors lost their nerve ahead of news from the US Federal Reserve, with banks and miners the biggest fallers. The Fed appears set to debate pumping billions of dollars more into the sluggish US economy, but is likely to hold off any action while it takes further [...]
Investor fury over Syke’s mining role September 19, 2010 THE former chairman of Glaxo Smith Kline, Sir Richard Sykes, faces the possibility of being “blackballed” by the City in a row over a disputed African mining deal. Several investors are believed to be angry with Sykes over his role as senior independent director of Eurasian Natural Resources (ENRC). One City insider said there were [...]
ENRC faces legal action September 15, 2010 First Quantum Minerals is suing units of Eurasian Natural Resources Corp which bought rights to Kolwezi, a disputed copper project, after Democratic Republic of Congo withdrew First Quantum’s licence. First Quantum will also inititate international arbitration proceedings shortly over Frontier, a second project in the DRC, as the miner fights for the return of assets [...]