Zijin Mining may raise RMB 10 bln in Shanghai IPO
China’s top gold producer Zijin Mining Group Co is likely to raise as much as RMB 10 billion (US$1.43 billion) in its planned IPO in Shanghai.
The Hong Kong-listed company said in a filing with the Shanghai Stock Exchange on Monday that it will sell 1.4 billion new RMB-denominated A shares at a price range of RMB 6.88 to RMB 7.13 apiece. The final trading price will be fixed on April 17.
The proceeds will be used to help fund acquisitions and projects involving mining and processing of gold and copper both home and abroad.
Last year, the Fujian-based gold producer agreed to buy a 20% stake in a Philippine gold project, and a controlling stake in Tajikistan’s biggest producer of the precious metal. It also aims to buy mines overseas this year, according to its chairman Chen Jinghe.
Its H-shares closed at HK$7.48 yesterday in Hong Kong, down 5.8%.
Tags: Copper, gold, IPO