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