New Gold Major Creation: Next Step

Russian metals giant Norilsk Nickel said Wednesday that that in order to create a new global gold major it had transferred assets of $2.85 billion worth to Polyus Zoloto, the gold-mining unit it intends to spin off.

The sum included South African gold producer Gold Fields 20% stake and some $350 million in cash, according to Denis Morozov, Norilsk's head of corporate and legal affairs, at a press conference.