MOSCOW Feb 1 Russian billionaire Mikhail
Prokhorov's mining company Intergeo is looking to launch either
a private placement or an initial public offering of stock in
Toronto, two sources said on Friday.
The company is preparing for an IPO before the summer, one
source said, while a second said it is seeking a private
placement with up to three Russian investors to raise around
$200 million, while an IPO would depend on the market.
Prokhorov, who built his fortune in metals and mining, is
also close to a deal to sell his Onexim company's 38 percent
stake in Russia's biggest gold miner, Polyus Gold,
sources have said.
The tycoon, who has a fortune estimated by Forbes magazine
at $13 billion, lost out to Vladimir Putin in last year's
presidential elections and has said he will step back from
business in order to focus on politics.
Intergeo, which Prokhorov owns with former Norilsk Nickel
executive Maxim Finsky, filed a preliminary IPO
prospectus with Canadian regulators last May.
The company was set up in 2008 by Onexim to develop 11 large
fields containing copper, nickel, molybdenum, titanium and
platinum group metals - assets that it acquired in Prokhorov's
business breakup with former partner Vladimir Potanin.
Potanin initially challenged the asset transfer,
orchestrated by Finsky, but these claims faded and Prokhorov
went on to secure near complete control of the company in
Questions surrounding the creation of Intergeo caused a
delay to a merger of Canada's White Tiger Gold and
Century Mining, in which Finsky had secured control, but which
was eventually completed.
The banks leading the Intergeo offering are Morgan Stanley
and BMO Capital Markets, according to the company's May
Intergeo and Onexim declined comment.