Russian steelmaker Severstal's Nord Gold mining unit said it produced 204,000 gold equivalent ounces in the fourth quarter, up 14% on Q3. The gold unit, which plans to list its shares in London on Thursday following a share swap with parent-company Severstal, in December lowered its 2011 production forecast to 745,000 to 755,000 gold equivalent ounces.

Nord Gold's final total for the year was 754,000 ounces, up by 28% from 2010.

Russia's second largest steelmaker in November announced that it would list Nord Gold global depository receipts in London if Severstal shareholders representing at least 5% of Nord Gold share capital agreed to exchange their Severstal shares.

Severstal, controlled by billionaire Alexei Mordashov, said investors exchanged a total of 20,374,385 securities, equal to 10.6% of Nord Gold's share capital, and that it expects to list the GDRs on January 19.

(Sourced from Reuters)