China Nonferrous Metal eyes $500 mln HK IPO

[LesCrozes]

China Nonferrous Metal eyes $500 mln HK IPO
HONG KONG, April 17 | Mon Apr 16, 2012 11:07pm EDT

(Reuters) - China Nonferrous Metal Mining (Group) Co Ltd (CNMC) plans to list its Zambia copper assets in Hong Kong, aiming to raise about $500 million, the Chinese-language Ming Pao Daily reported on Tuesday, citing market sources.

The state-owned metals group is expected to launch the initial public offering as early as next week, the report said.

CNMC, which delayed the listing plan late last year because of uncertain market conditions, is expected to cut the size of the deal to about half of its original plan, the newspaper said.

CNMC received approval from the Hong Kong stock exchange late last year for a $1 billion IPO, Thomson Reuters publication IFR reported.

China International Capital Corp, JPMorgan Chase & Co and UBS AG are managing the deal, the newspaper said, giving no other listing details. (Reporting by Donny Kwok; Editing by Chris Lewis)

[LesCrozes]

CICC, JPMorgan, UBS to help China Nonferrous Metal Mining with Hong Kong listing - report

Last updated: 04/17/2012 03:03:32
Apr 17, 2012 (M2 Banking & Credit News via COMTEX News Network) -- 17 April 2012 - China International Capital Corp (CICC), JPMorgan Chase & Company (NYSE:JPM) and UBS AG have been hired to handle a floatation in Hong Kong of copper assets of China Nonferrous Metal Mining (Group) Company Ltd, Ming Pao Daily said on Tuesday.

The paper, which quoted market sources, said that the deal might materialise as early as next week.

The copper assets are located in Zambia.

The Chinese non-ferrous metal mineral resources developer had put listing plans on ice in 2011 due to jittery markets.
According to Ming Pao Daily, the company will downsize the IPO, targetting around half the proceeds that the deal was initially intended to fetch.

IFR had previously reported that China Nonferrous Metal Mining was cleared by the Hong Kong bourse to float the assets in a USD1bn (EUR763m) deal.

China Nonferrous Metal Mining was set up in 1983. It specialises in the development of non-ferrous metal mineral resources and construction engineering as well as in the provision of related trade and technological services. According to the firm, its assets totalled CNY50.67bn (USD8.04bn/EUR6.13bn) as at end-2010. China Nonferrous Metal Mining owns project contracting and non-ferrous metal resources exploitation company China Nonferrous Metal Industry's Foreign Engineering and Construction Company Ltd (SHE:000758) as well as metals smelting and processing specialist Ningxia Orient Tantalum Industry Company Ltd (SHE:000962) and is in turn controlled by the state.

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