[miningmx.com] — RUSSIAN steelmaker Severstal has recruited former Anglo American executive Philip Baum to head the $4bn flotation of its gold unit, according to weekend media reports.
Baum headed Anglo American’s ferrous metals business before he left in a management shake-up in 2009.
His experience in Africa, where he also ran Anglo’s South African business, will be valuable to Severstal, which has gold assets in Guinea and Burkina Faso.
Severstal intends to float about a third of the shares in its gold unit in London, a person familiar with the matter told Reuters in September.
The unit was expected to be floated in the first half of 2011 after Severstal dropped plans for a listing in 2010 because of market volatility, The Times newspaper said on Monday.
Severstal has pushed into gold as its core steel operation has been hit by the global economic slowdown, and it has bought up gold assets both at home and in Africa.
Severstal could not be immediately contacted for comment.
