UPDATE: Russian gold producer Nordgold decides to postpone IPO

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MOSCOW, Jun 22 (PRIME) -- Gold mining company Nordgold, controlled by Russian businessman Alexei Mordashov, has decided to postpone an initial public offering (IPO), the company said in a statement on Tuesday.

“The central bank’s recent comments indicating that the expected rate hike is accelerating have created significant uncertainty and volatility in the resource sector, in particular, for gold and gold stocks. Nordgold decided that it would therefore be unwise to hold an IPO at this stage. I would like to thank many potential shareholders for their interest and support over the past four weeks,” CEO Nikolai Zelensky was quoted as saying.

Nordgold planned to get listing on the London Stock Exchange (LSE) at the end of June. Moreover, the company’s common shares were admitted to trading on the Moscow Exchange under the ticker NORD.

The company planned to have a free-float of at least 25% after the placement.

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