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Business News

British banks hired to help list Turkish gold firm in Istanbul

London bankers are marketing the flotation of Koza Gold in a move that could value the Turkish miningcompany at around $2bn.

The company, which owns the Ovacik mine near Turkey's Aegean coast, has shunned a London listing in favour of Istanbul stock exchange. But JP Morgan Cazenove has been hired to attract potential investors in London and internationally. The company had intended to list in London, until the plans were pulled in the wake of the credit crisis. Merrill Lynch and UBS were advising until management decided against the move in 2008.

However, the flotation has now been resurrected after a number of other miners shunned London.

United Company Rusal, the Russian aluminium giant run by billionaire Oleg Deripaska, is finalising its Hong Kong flotation this weekend. The group had long wanted a UK listing, but decided to be nearer its biggest consumer, China.

Koza is the only major indigenous gold miner in Turkey. British mining bankers said that the company is strong, and that they coveted the role of advising it. The group will list 34.5 per cent of its shares in Istanbul, though a spokesman said that confirmation will wait until regulators approve the flotation.