Nordgold SE, the gold miner owned by billionaire Alexey Mordashov, plans to delist from the London Stock Exchange because the company isn’t fairly valued.

The global depository receipts are undervalued because of their low trading volume and liquidity, caused by the company’s capital structure, and changes to performance are unlikely to overcome this “structural disadvantage,” the company said.

“The fact is our GDRs have never reflected the true value of the business,” Chairman David Morgan said in a statement released by the company.

Nordgold’s withdrawal from the London market marks a failure in the company’s strategy to achieve a stronger presence in city to attract more international investors. It re-domiciled to the U.K. from the Netherlands in June, but needed more freely traded shares to be eligible for a primary listing.

London Stock Exchange rules require companies to have at least 25 percent of their stock as free float. Mordashov currently owns about 91 percent of the company.

Nordgold, which has gold projects in Burkina Faso, Russia and French Guiana, saw its shares rally 37 percent in the past year. Its has a market value of $1.3 billion. The stock trades at 6 times earnings, representing a 60 percent discount to Polymetal International Ltd., another Russian gold miner, BCS Global Markets said on Jan. 27.

Trading is expected to cease on March 8, Nordgold said. Minority shareholders can choose to sell or keep the shares. They can tender the shares until March 16 and the company will pay $3.45 per GDR. Those who chose to stay will have four other opportunities to sell shares at same price, the company said.

Nordgold plans to keep paying dividends and to continue publishing regular financial results.