Russian gold miner Nord Gold, which has been detached from steel giant Severstal, expects to list for its Global Depositary Receipts (GDR) on the London Stock Exchange on January 19, Severstal said on Monday.
Severstal announced last November the exchange by its wholly owned indirect subsidiary, Lybica Holdings B.V., of the Global Depositary Receipts representing shares of its subsidiary, Nord Gold N.V., for Severstal shares and GDRs.
"Delivery of the Nordgold GDRs in respect of Severstal GDRs tendered is expected to occur on January 18, 2012, and listing of the Nordgold GDRs on the London Stock Exchange is expected on the following morning," the company said in a statement.
"The listing of Nord Gold marks the end of Severstal's successful involvement in gold. The transaction enables Severstal now to focus entirely on its core strengths as a leading vertically integrated steel and steel-related mining company," Chris Clark, chairman of the Severstal board of directors, was quoted in the statement as saying.