LONDON—Russian gold miner Nord Gold PLC said Thursday it aims to list in London and Moscow in the coming weeks, seeking to capitalize on a renewed interest in commodity stocks and strengthening gold prices as a hedge against rising inflation.
The company is targeting a valuation of up to $5 billion, according to a person familiar with the matter, a level that could make it one of the largest mining initial public offerings in recent years. It could also give the miner a place in the U.K.’s prestigious FTSE 100 blue-chip index. The Wall Street Journal reported in January that the company was looking to go public.
A recent boom in commodity prices has rekindled investor interest in mining stocks, analysts say, after years of ignoring the sector. Many mined commodities have hit record prices this year as the global economy rebounds from Covid-19, governments pledge to spend more money on infrastructure and supply stutters for some resources.
Gold has had a more mixed run. After two years of steep gains, its price fell in the second half of last year and at the start of 2021.
But the precious metal is up almost 10% since late February, in part as investors look for hedges against inflation, which is ticking higher amid the economic rebound.