China Nonferrous Metals To Start Around US$500 Mln HK IPO

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DJ China Nonferrous Metals To Start Around US$500 Mln HK IPO Pre-Marketing Wed - Sources
HONG KONG, Apr 24, 2012 (Dow Jones Commodities News Select via Comtex) --

China Nonferrous Metals Company Ltd., which owns copper mines in Zambia, plans to start testing on Wednesday investor appetite for an initial public offering in Hong Kong that could raise around US$500 million, people familiar with the situation said Tuesday.

If the response to the premarketing process is good, the mining unit of state-owned China Nonferrous Metal Mining Group will fix the timetable for order-taking and final listing, the people said.

The IPO has faced some controversy after a prominent human rights body, Human Rights Watch, alleged in November that the Chinese company had safety violations at its mines in Zambia, following complaints from workers at the mines. Human Rights Watch reiterated its concerns in a statement Monday.

One of the people familiar with the matter said the company has addressed the allegations cited by Human Rights Watch, but didn't elaborate.

JPMorgan Chase & Co., China International Capital Corp.,and UBS AG are handling the listing plan, the people said.

-By Yvonne Lee and Nisha Gopalan, Dow Jones Newswires; 852-2802-7002; yvonne.lee@dowjones.com

(END) Dow Jones Newswires

04-24-12 0253ET

Copyright (c) 2012 Dow Jones & Company, Inc.

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EQUITIES: CNMC to raise US$313m from HK listing
14 May 2012

China Nonferrous Mining Corp is looking to raise HK$2.44bn (US$313m) through a Hong Kong listing.

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Mon 14 May 2012 | 11:59 GMTYou are here:Home > Investing > Agricultural Commodities > Article
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China Nonferrous seeking $313mln in HK IPO -IFR
Mon May 14, 2012 11:30am GMT Print | Single Page [-] Text [+]
HONG KONG May 14 (Reuters) - State-owned China Nonferrous Mining Corp (CNMC) is looking to raise HK$2.44 billion ($313 million) through a sale of shares in a Hong Kong listing, less than originally planned, IFR reported on Monday.

The copper producer with operations in Zambia will start book-building for its proposed share sale on Tuesday and plans to sell 870 million shares at an indicative price range of HK$2.10-$2.80 each, the report added. The shares are being offered at a prospective price-to-earnings multiple of between 6 and 7.9 for 2012, IFR citing sources, said.

Three cornerstone investors, including China Cosco and China Railway Construction, have agreed to take up about $70 million of the float, the report added.

Like many other recent Hong Kong share flotations, CNMC has cut the size of the IPO from what it had targeted in the pre-marketing stage as investor appetites for new deals remain weak. The company originally planned to raise about $500 million.

The IPO will price on May 24.

ABC International, CICC, JP Morgan and UBS are the joint bookrunners. (Reporting by Fiona Lau; Editing by Greg Mahlich)

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