Russian Gold Miner Polyus has put back plans to sell down more of its shares in London as markets turn volatile and the gold price slides according to Today’s Daily Telegraph.
The company is 82% owned by Said Kerimov and has a free float of 17.5% though its chief financial officer said that the long-term goal was a 30% float.
He pointed out that there is insufficient liquidity in the shares and with Russian sanctions bearing down on businesses and putting off outside investors, and gold prices falling, this has had an impact on its decision to come to market right now.
Polyus is on track to producing 2.8m ounces of gold next year putting it in line to become the 4th largest gold miner in the World. Its current market value is around $8.8 bn or £6.8 billion.
Should relations with Russia improve and the gold price begins to improve again, then this may indeed be a company worth watching.
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