The International Resource Journal: London listing hopeful Polyus says 2011 earnings up 40pc

London listing hopeful Polyus says 2011 earnings up 40pc
================================================================================
Nuala  Gallagher on 29 January, 2012 06:46:00
 
IRJ – January 30 – Russian London-listing hopeful Polyus Gold
International Ltd (“Polyus”) has reported a 40 per cent core
earnings rise for 2011, Monday, just days after the rumours surfaced of a
potential merger between the group and London-listed fellow Russian miner
Polymetal International Plc (“Polymetal”).
Polyus reports that its earnings for the aforementioned year jumped to more than
US$1 billion, and the company states that the rise stems largely from strong
gold prices and its Siberian and Kazakh mine operations. Earnings before
interest, tax, depreciation and amortisation (“EBITDA”) hit between
$1.04-1.06 billion, marking a significant increase from $717 million in 2010.
Owned by Russian would-be President Mikhail Prokhorov and potash magnate
Suleiman Kerimov, Polyus is awaiting approval from Moscow to go ahead and list
in London. It follows Russian FTSE100 rumoured merger partner
Polymetal—which hit the U.K. exchange in December 2011—and Evraz:
The group majority owned by Roman Abramovich which soared by 13 per cent on its
London entry in November last year, hitting a share price that valued the
company at £4.7 billion.
As of last week, Polyus was forced to deny having any interest in merging with
Polymetal.
https://twitter.com/IRJmagazine