Foreign miner joins FTSE 100

June 8, 2008

June 7th (The Telegraph) – The colonisation of the FTSE 100 by foreign resources companies will continue this week when Ferrexpo, the Ukrainian iron ore producer, is catapulted into the blue chip index.

A market capitalisation of around £2.68bn will place it at around 80th in the rankings of the largest UK companies. It is likely to be joined by Invensys, which is valued at £2.59bn and is making a remarkable return to the top flight after a near-collapse.

However, two of the biggest London share offerings this year are not eligible for inclusion in the index. Trading in Fresnillo, the Mexican silver miner valued at £3.97bn, has only been possible for 19 days, rather than the necessary 20 so it must wait until the next quarterly reshuffle in September to be included.

Czech coal miner New World Resources, would easily make the index in terms of size – it is valued at £4.59bn – but is disqualified as it is incorporated in the Netherlands.

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