June 24, 2016 / 3:57 PM / a year ago

Russia-focused Nord Gold may consider Toronto listing after Brexit

2 Min Read

MOSCOW (Reuters) - Russia-focused gold producer Nord Gold may consider a primary listing in Toronto instead of London after Britain's decision to leave the European Union, its Chief Executive Nikolai Zelenski said on Friday.

Nord Gold, controlled by Russian steel tycoon Alexei Mordashov, is based in the Netherlands but said in January that it hopes to change its jurisdiction to Britain by the end of 2016 as a step toward a premium listing on the London Stock Exchange.

Zelenski said Britons' vote on Thursday to leave the EU, or Brexit, may be a reason not to list in London but said it was too early to tell.

"London may start to fade as a financial center after Britain leaves the EU. However, it has never been the center for global gold producers," he said in an emailed comment.

"Therefore, Brexit may become a reason to explore alternative places for the placement. For example, the Toronto Stock Exchange is a center for the mining industry," he added. "Brexit is an opaque and unprecedented case, it is necessary to study the legal nuances."

Bloomberg news agency reported similar comments by Zelenski earlier on Friday.

Nord Gold is a mid-sized gold producer with assets in Russia, Kazakhstan, Burkina Faso and Guinea.

Reporting by Diana Asonova; writing by Polina Devitt; editing by Susan Fenton

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