Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Russian steel giant Evraz’s London-listed shares have been temporarily suspended by Britain’s financial regulator after top shareholder Roman Abramovich was sanctioned by Britain, a notice from the London Stock Exchange shows.
The Financial Conduct Authority has temporarily suspended the London listing from 11:00 GMT on Thursday “in order to protect investors pending clarification of the impact of the UK sanctions”, the LSE’s notice said.
Evraz shares fell 16% after the Abramovich sanctions announcement.
Russia’s ten richest individuals have lost more than $30 billion in 2022 because of Western sanctions on Russia in reprisal for the invasion of Ukraine.
Abramovich was a confidant of former Russian president Boris Yeltsin and current leader Vladimir Putin. He owns the Premier League club, Chelsea and is former Governor of the Chukotka Autonomous Okrug region.
(With files from Reuters)
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