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Wednesday, January 18, 2012

Russia Severstal's Nord Gold Q4 output up 14 pct q/q

Wed Jan 18, 2012

MOSCOW Jan 18 (Reuters) - Russian steelmaker Severstal's Nord Gold mining unit said it produced 204,000 gold equivalent ounces in the fourth quarter, up 14 percent on Q3.

The gold unit, which plans to list its shares in London on Thursday following a share swap with parent-company Severstal, in December lowered its 2011 production forecast to 745,000-755,000 gold equivalent ounces.

Nord Gold's final total for the year was 754,000 ounces, up 28 percent from 2010.

Russia's second-largest steelmaker in November announced that it would list Nord Gold global depository receipts (GDRs) in London if Severstal shareholders representing at least 5 percent of Nord Gold share capital agreed to exchange their Severstal shares.

Severstal, controlled by billionaire Alexei Mordashov, said investors exchanged a total of 20,374,385 securities, equal to 10.6 percent of Nord Gold's share capital, and that it expects to list the GDRs on Jan. 19.

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