Nord Gold continues to work on M&A market; interested in projects at early stage, CEO says
Nord Gold (Nordgold), the London-listed, internationally diversified gold producer, continues to work actively on the M&A market, reported Vedomosti citing CEO Nikolai Zelenski.
Nord Gold is looking more at projects at an early stage, as they are cheap, according to Zelenski.
At present Nord Gold is not looking at any large players, the CEO said. Currently, Nord Gold has only small companies under consideration, and is conducting a number of projects. Nord Gold is looking at cheap projects that would not be burdensome for the company’s balance sheet.
Nord Gold looks to conduct transactions for real money, Zelenski noted. He said that the value of the company shares does not allow so far conducting transactions using its shares.
Nord Gold does not consider delisting from the stock exchange, the CEO also told Vedomosti.
Due to limited geological exploration, at present Nord Gold does not see new and interesting projects in Russia, but the company sees them abroad where it invests, according to Zelenski.
Nord Gold, in which the main shareholder is Alexey Mordashov, posted USD 1.2bn in revenues and USD 123m in net profit in 2014, Vedomosti reported. The company has a market capitalization of USD 1bn.
Source Vedomosti