Anyone else see a pattern? So the question is, how much of Severstal Gold would Mordashov spin out? Let's see, he needs to take back about $400 million from his shopping sprees of Crew and HRG, maybe 40%???
The other question becomes how Severstal values their portfolio. Crew is a wreck, no profit, but 100K+ oz of production, but needs 500K in investment. They do have oz, but unclear as to full ownership rights, so not too much there. Celtic and the others I know very little about. Which leaves HRG, and I am starting to think that Severstal will begin to promote their assets and "good management".
Severstal Gold, a unit of Russia’s largest steelmaker, is worth as much as $3.6 billion based on production and earnings estimates compared with peers, Nomura said Thursday.
A presentation by Severstal Gold “may indicate the company has started some pre-IPO investor education,” analysts Vladimir Zhukov and Valentina Bogomolova said.
(Bloomberg)