£7bn Russian gold float

RUSSIA’s top gold producer is planning to return to the London Stock Exchange valued at up to £7bn.

Polyus, owned by the family of Russian tycoon Suleiman Kerimov, delisted from London in 2015 amid sanctions over Moscow’s role in the Ukraine crisis.

But it is planning a return, boosted by rising gold prices. Listed on the Moscow Exchange at about £7.7bn, it plans to raise about £314m to repay debt and finance projects.

Yesterday, it set a range at 2608p to 2769p per global share in London.

Polyus has just sold a 10pc stake to a consortium led by China’s Fosun International for £696m.