China Nonferrous Metal to list Zambian assets in Hong Kong

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cvarvois

Messages: 1459

Inscription: Mar 1 Sep 2009 16:09

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Message Sam 11 Fév 2012 13:39

China Nonferrous Metal to list Zambian assets in Hong Kong

China Nonferrous Metal to list Zambian assets in Hong Kong

Updated: 2012-02-07 13:57
Counter:58

China Nonferrous Metal Mining (Group) Co Ltd, a large state-owned enterprise under the State-owned Assets Supervision and Administration Commission, plans to raise around US$1 billion by listing its copper assets in Zambia via an initial public offering in Hong Kong, said a person familiar with the matter.

The person added that the group intends to list the Chambishi copper mine, the Luanshya copper mine and two smelting plants on the Hong Kong Stock Exchange, which has approved the IPO application submitted by China Nonferrous Metal Mining. No further details, including timetable of the IPO, have yet been disclosed.

China International Capital Corp, J.P. Morgan Chase & Co and UBS AG have been assigned to handle the IPO.

China Nonferrous Metal Mining shelved the IPO plan last year due to the unstable capital market.

Since entering the Zambian market in 1998, China Nonferrous Metal Mining currently operates nine branches in the country. The company's crude copper output in Zambia reached 150,000 tons.

The state-owned firm is the parent company of China Nonferrous Metal Industry's Foreign Engineering and Construction Co and Ningxia Orient Tantalum Industry Co.

Source : http://www.chinamining.org/Companies/20 ... 54064.html
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cvarvois

Messages: 1459

Inscription: Mar 1 Sep 2009 16:09

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Message Sam 11 Fév 2012 13:43

Re: China Nonferrous Metal to list Zambian assets in Hong Ko

China Nonferrous Metals (8306) said to Spin-off Zambia’s Assets to List in HK

06 Feb 2012
QuamNews
China Nonferrous Metals (8306) reportedly intended to list its copper assets located at Zambia in Hong Kong through a spin-off, raising around HK$7.8 billion (US$1 billion).

The company’s assets in Zambia include copper mines and refinery plants. The assets that it intended to spin-off to list in HK include Chambishi copper mine, Luanshya copper mine and two copper refinery plants. It is said that the HKEx had approved the IPO application but had not yet given a specific timetable. CICC, JP Morgan and UBS will be responsible for the deal.

China Nonferrous Metals planned to spin-off its Zambia’s assets to list in HK last year, raising about US$ 1 billion to US$2 billion, but postponed the plan due to market volatility.


Source : http://www.quamnet.com/newscontent.acti ... Id=2163964
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Laf1986

Messages: 4998

Inscription: Jeu 30 Juil 2009 19:54

Message Dim 12 Fév 2012 14:05

Re: China Nonferrous Metal to list Zambian assets in Hong Ko

Separately, state-owned China Nonferrous Metal Mining (Group) Corporation plans to spin off its Africa copper asset before May.

It was earlier reported that it aimed to raise up to HK$7.75 billion from the offering. Net profit of the asset is expected to hit 2 billion yuan this year.

Retourner vers About Luanshya & Chambishi - CNMC

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