20 April 2004 09:07
HIGHLAND GOLD MINING MULLS IPO IN 2004
MOSCOW. April 20 (Interfax) - Britain's Highland Gold Mining (HGM), which owns a string of gold mining assets in
Russia, is considering an IPO this year.
Ivan Kulakov, HGMTs managing director, told Interfax the company did not particularly need the offering yet, but it
might raise money this way if it falls short of cash for planned projects this year.
HGM may issue Eurobonds or local-currency bonds, Kulakov said.
and the CIS. Kulakov said some projects had not progressed as far as
negotiations, but he did not name any fields or how much they were
Generally speaking, HGM is looking at project financing for its Maiskoye gold project. "In other words we will
be taking out mid-and long-term bank loans. HGM is also considering shorter-term credits. "And it is quite likely
that there will be bonds - both Eurobonds and local- currency bonds," Kulakov said.
"As for an IPO, we are not in desperate need of this yet. If we buy anything for which we need capital this
year, we might raise some of it on the market with a float," he said, adding that "a placement is likely if we
buy assets for which we need money and which we canTt raise from other sources."
HGM is negotiating the acquisition of several gold assets in Russia
worth.
Kulakov also said HGM would be putting a lot of capital into exploration this year. With this it will be forming a
joint venture with CanadaTs Barrick Gold.
Highland Gold Mining Ltd. owns the Mnogovershinnoye gold lode in the Khabarovsk territory, Darasun, Talatui and
Teremki in the Chita region and Maiskoye in Chukotka, all of which are gold assets. It is also licensed to the
Novoshirokinskoye polymetals field in the Chita region.
BritainTs Fleming investment house is HGMTs biggest shareholder with about 40%.
[Interfax] |
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