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GV could go public next year: Reuters
Posted on Friday, 19 May 2017 09:51
GV Gold’s new chief executive told Reuters in an interview he intends to have the Russian gold miner prepped and ready to hold an initial public offering (IPO) either at home or abroad by next year.
A listing is not a new topic; speculation has circled the miner for more than decade after it postponed a proposed float in London and on one of the domestic exchanges which potentially could have raised up to USD 200.00 million.
However, after numerous delays, it seems the option is now back on the table as newly appointed chief executive German Pikhoya told Reuters: "My strong belief is that the company should be ready to do it at any moment."
Pikhoya is aiming to have GV set up and prepped to launch an IPO by spring 2018 with a view to listing in Moscow, although he has not dismissed London or Hong Kong and he cautioned one would not necessarily go ahead at that time.
The chief executive told Reuters he intends to present a development case to the board and shareholders this summer, especially as he fully intends to transform GV into one of the country’s top five producers.
However, this target means the miner needs to increase output to about 15.00 tonnes a year from assets in the Irkutsk region and the Republic of Sakha.
It has already lined up production at two new plants this year to boost annual capacity of 5.00 tonnes to between 6.50 tonnes and 6.70 tonnes.
Pikhoya added he could be open to the idea of buying assets in countries of the former Soviet Union, Africa and Asia and may also decide to test market interest ahead of an IPO with a possible bond placement, although he declined to give details.
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