Russian Miner Nordgold Postpones London IPO Amid Gold Volatility
Photographer: Andrey Rudakov/Bloomberg
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Russian miner Nord Gold Plc said it will postpone an initial public offering in London and Moscow, citing market uncertainty and swings in the gold price.
Ocean Management Ltd., an investment vehicle owned by billionaire Alexey Mordashov and his sons Kirill and Nikita, planned to sell about 25% of the miner’s shares in London and Moscow this month. However, gold tumbled the most in 15 months last week after the Fed brought forward projected rate hikes at its most recent policy meeting.