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Norilsk plans gold business flotationThe news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council. Tuesday, 19th April 2005 (4119 views) Norilsk Nickel has revealed it is going to spin off and float its gold assets.<br/><br/>The Russian metals giant is to put its gold assets, including its 20 per cent share in South Africa's Gold Fields and Polyus, into a new company, which could be the first of its kind in Russia's promising gold sector.<br/><br/>"It is the intention of the board of Norilsk Nickel that [the new company] would seek both domestic and international listings as soon as practicable following the transaction," the company said.<br/><br/>The company already revealed earlier in April that it wanted to enter global capital markets after 2007.<br/><br/>According to the company once complete the transaction should "create a new large independent gold major with the potential for substantial organic growth and a window into one of the world's most prospective gold regions: Russia".<br/><br/>Polyus is estimated to be worth over $3 billion and analysts expect it to grow further as it explores Russia and expands its reserve base. <br/><br/>It is looking to boost gold reserves by 100 tonnes per year as it develops existing mines and explores new areas.<br/><br/>Booming gold prices are thought to have encouraged the nickel and palladium producer to focus more on the yellow metal.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8308181"/>
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