Raspadskaya Eyes London Share Sale

Raspadskaya, the country's second-largest producer of coal for steelmakers, may sell shares in London to expand mines and increase exports after prices tripled in a year.

Chief executive Gennady Kozovoi, who has a 20 percent stake in the company, said Wednesday that he wanted to expand sales "steadily" into China, Japan and South Korea.

Raspadskaya increased 257 percent in Moscow trading in the past year, valuing the company at $6.6 billion. The shares rose 10.23 rubles, or 4.8 percent, to close at 222.07 rubles ($9.32) in Moscow trading.

The company plans to expand its mines in the Kemerovo region and develop sites where it has mining licenses. Raspadskaya produced 13.6 million tons of coal in 2007 and full-year profit more than doubled to $239 million.

"If the company has some kind of an expansion, we may look to sell some more shares in London," Kozovoi said. "Right now, we don't need the money."