ADR Listing on the LSE
The Board of Directors of OJSC Polyus Gold approved the plan to list the existing American Depositary Receipts (“ADRs”) representing common shares of Polyus Gold on the London Stock Exchange plc (the "LSE") and authorized the Company’s management to proceed with an application to the U.K. Financial Services Authority (the “U.K. Listing Authority”) for the ADRs to be admitted to the official list of the U.K. Listing Authority (the "Official List") and to the LSE for such ADRs to be admitted to trading on the LSE's EEA Regulated Market.
Admission of the ADRs to the Official List and to trading on the LSE's EEA Regulated Market is expected to take place in the final quarter of 2006 or first quarter of 2007 and will be subject to the approval of the U.K. Listing Authority and the LSE, as well as further corporate approvals of the company. No additional shares of Polyus Gold or ADRs will be issued or offered in connection with these applications for admission to listing and trading.
In connection with the listing application, OJSC Polyus Gold is expected to become the first Russian mining company to publish a valuation of its business in the form of a Competent Person’s Report (CPR) prepared by the international auditors, Micon International Co Ltd.
Annual gold production - at least 3.9 million oz;
EBITDA - US$710…900 million;
Net cash flow - US$600…710 mln;
Net debt - no more than US$100 mln.
To reach these targets, the strategy envisages total capex of US$3.4 billion for 2006-2015. This covers investments both to boost production and to acquire new assets and licenses in Russia and internationally, WHERE suitable opportunities arise.