GV Gold, a Russian gold miner backed by BlackRock, is planning an initial public offering in Moscow that may raise as much as $500-million.

A group of shareholders including BlackRock plans to sell shares, GV Gold said in a statement on Monday, without giving further details. They’re seeking a valuation for the company of as much as $1.8 billion, people familiar with situation said, declining to be identified as the information is not public.

Goldman Sachs Group Inc., UBS Group AG, Sberbank of Russia PJSC, VTB Capital, Raiffeisen Bank International AG and Sova Capital are helping to organize the IPO.

  • Black Rock Mine

SIBERIAN MINES
The deal for one of Russia’s 10 biggest gold miners was resurrected after bullion climbed to a record in August. GV Gold, also known as Vysochaishy, operates several Siberian deposits. BlackRock owns a stake of about 18%, which it bought in a 2007 deal valuing the firm at $500-million.ADVERTISEMENT

The miner is controlled by the owners of Moscow-based Lanta-Bank. They include Sergey Dokuchaev, Natalia Opaleva and Valerian Tikhonov.

Plans for a listing were shelved three years ago amid a slump in commodity prices and the imposition of international sanctions against other Russian companies. Subsequent talks to sell a majority stake to a group led by Fosun International fell apart when the parties couldn’t agree on a price.

Another Russian miner, Nord Gold, is planning a share sale in London later this year.

By BLOOMBERG