MOSCOW – Nordgold, the Russian miner controlled by billionaire Alexey Mordashov, may look to get a primary listing of its shares in Toronto instead of London after the UK voted to leave the European Union.

"It’s a real shock and nobody yet understands what the final consequences will be," Chief Executive Officer Nikolai Zelenski said in a phone interview from London on Friday. "If London’s attractiveness will reduce, which is quite likely, we may look at other exchanges, like Toronto.”

The bullion miner, which is registered in the Netherlands, plans to redomicile to the UK in the next few months and already has its stock traded in London in the form of global depository receipts. The company has been seeking to get a more advanced listing in the city after that to better attract international investors.

Markets around the world were thrown into turmoil Friday following the UK referendum, with Prime Minister David Cameron resigning and warning that the decision may spark a recession. Still, Russian gold producer Polyus PJSC today said London will remain the top financial center for mining companies and steelmaker Evraz Plc said it would keep its listing in the city.

Debt Refinancing

Nordgold will hold off from refinancing debt as it studies what impact the UK’s decision to leave the EU will have on the market, with the exit potentially influencing Eurobond and bank loan rates, Zelenski said. The company currently has about $400-million in cash and a comfortable debt position and doesn’t plan to buy back Eurobonds, he said.

Gold mining stocks rose on Friday as bullion climbed on demand for a haven. Nordgold’s GDRs gained 7.1% to the highest since April 2013 by 12:01 p.m. in London.

Zelenski said it’s unclear whether Brexit will keep affecting gold prices, which have rallied 24% this year as the Federal Reserve indicated it will keep interest rates low.

“The UK has quite a limited influence on the global economy,” though prices will climb further if Brexit causes a larger crisis, he said.