Support The Moscow Times!

Nordgold Rethinks IPO

Severstal's Nordgold unit plans to increase capital expenditures to $304 million this year as it aims to boost production, the unit said Wednesday on its web site.

Nordgold expects output to reach 800,000 to 840,000 gold equivalent ounces this year. First-quarter profit climbed sevenfold to $95.6 million compared with $13.2 million a year earlier.

Nordgold might revamp its plans for a London initial public offering after demonstrating to investors its ability to fulfill its 2011 output target and increase its reserve base. Nordgold chief executive Nikolai Zelenski commented Wednesday on an analyst call.


Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.