“Latest central financial institution feedback indicating an acceleration in anticipated rate of interest rises have created important uncertainty and volatility within the assets sector, specifically impacting gold and gold equities. Nordgold has decided that it might due to this fact not be wise to pursue an IPO at this specific juncture,” CEO Nikolai Zelenski mentioned in a media assertion.
“Though we have now determined to postpone our IPO, our priorities stay the identical — delivering on our low value, low danger improvement pipeline anchored within the Gross District and persevering with to drive shareholder returns, with out ever compromising on our adherence to the very best ESG requirements, or the security of our folks, and the values which might be core to Nordgold,” he added.
Nordgold at present operates 4 mines in Russia, one in Kazakhstan, three in Burkina Faso and one in Guinea. It produced roughly a million ounces of gold final 12 months, incomes a core revenue of $1 billion.