Eurasian Natural Resources Corporation from Kazakhstan has prepared a draft prospectus for an initial public offering that could raise as much as $5bn (£2.46bn), in a sign that it hopes to float on the London Stock Exchange in the coming months.

A final decision by one of the world’s largest private mining groups has yet to be made on the timing, said Johannes Sittard, chief executive officer of ENRC. But documents obtained by the Financial Times show that a draft prospectus has been prepared, suggesting that movement towards a possible IPO is gaining momentum.