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Russia-focused Nord Gold may consider Toronto listing after Brexit

Published 2016-06-24, 11:13 a/m
Russia-focused Nord Gold may consider Toronto listing after Brexit

MOSCOW, June 24 (Reuters) - Russia-focused gold producer
Nord Gold may consider a primary listing in Toronto instead of
London after Britain's decision to leave the European Union, its
Chief Executive Nikolai Zelenski said on Friday.
Nord Gold, controlled by Russian steel tycoon Alexei
Mordashov, is based in the Netherlands but said in January that
it hopes to change its jurisdiction to Britain by the end of
2016 as a step toward a premium listing on the London Stock
Exchange.
Zelenski said Britons' vote on Thursday to leave the EU, or
Brexit, may be a reason not to list in London but said it was
too early to tell.
"London may start to fade as a financial centre after
Britain leaves the EU. However, it has never been the centre for
global gold producers," he said in an emailed comment.
"Therefore, Brexit may become a reason to explore
alternative places for the placement. For example, the Toronto
Stock Exchange is a centre for the mining industry," he added.
"Brexit is an opaque and unprecedented case, it is necessary to
study the legal nuances."
Bloomberg news agency reported similar comments by Zelenski
earlier on Friday.
Nord Gold is a mid-sized gold producer with assets in
Russia, Kazakhstan, Burkina Faso and Guinea.

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