The Renova Group of Companies plans to float a stake in its subsidiary Kamchatka Gold via an IPO at the Hong Kong Stock Exchange (HKSE) in Q4’10. “As this project is being executed in cooperation with our Chinese partners, the HKSE will be the most logical platform for the execution of this IPO by the end of the year,” Viktor Vekselberg, the Renova principal shareholder told to the English-speaking TV channel Russia Today last month.
“Our business in the sphere of gold production is in high demand, when speaking about these types of projects, especially on the Asian market.” According to the company’s management, in case of going IPO, Kamchatka Gold, the largest manufacturer of precious metals in the Kamchatka Region, plans to sell up to a blocking stake of its assets. Today, the company owns a series licenses for the development of reserves of gold deposits in Kamchatka estimated at over 375tons.
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