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Polyus Gold may increase free float to 10% after exchange move to Moscow

Polyus Gold InternationalLtd., Russia's biggest precious metals miner, could place at least 5%of its shares on the Moscow Stock Exchange in order to meet the Russian bourse'slisting requirements, Vedomosti reportedApril 12.

The gold miner de-listedfrom the London Stock Exchange last year, after companies controlledby the son of Polyus shareholder, Suleiman Kerimov, launched a of minority shareholders last year.

Polyus' decision to move to Moscow followed the imposition ofwestern sanctions against Russia and calls by some Russian leaders for companiesto transfer foreign exchange listings to Moscow.

But under the Moscow Exchange's listing rules for Tier 1 companies,Polyus must increase the free float in its stock to a minimum 10%. Its current freefloat is estimated at about 5%, according to company spokesman Artem Gorbachev,according to the report.

Polyus produced1.76 million ounces of gold in 2015, a 4% increase over output in 2014.