Miner plans Hong Kong raising
EVEN though Chalco's deal ambitions in Mongolia have stalled, it's still keen to go to the stockmarket for more capital.
Chinalco Mining, a unit of state-owned Chalco, plans to raise up to $US1 billion in an initial public offering in Hong Kong. Pre-marketing will begin on Monday, and the company has received regulatory approval from the stock exchange.
Chinalco controls the Toromocho copper project in Peru. Hong Kong's benchmark Hang Seng Index has fallen for 11 sessions in a row and is up just 1.7 per cent year to date.
Chalco's bid to buy a controlling stake in Mongolia-focused South Gobi Resources from Canada's Ivanhoe Resources, meanwhile, remains in limbo.
Mongolia approved a law on Thursday that caps future foreign investment in industries including mining.
The new law requires foreign investors to obtain government review and parliamentary approval for investments at and above 49 per cent. South Gobi is 14 per cent owned by sovereign wealth fund China Investment Corp.
Separately, China Nonferrous Mining, which owns mines in Zambia, hopes to raise up to $US313 million through an IPO in Hong Kong.
WSJ STAFF
Chinalco Mining, a unit of state-owned Chalco, plans to raise up to $US1 billion in an initial public offering in Hong Kong. Pre-marketing will begin on Monday, and the company has received regulatory approval from the stock exchange.
Chinalco controls the Toromocho copper project in Peru. Hong Kong's benchmark Hang Seng Index has fallen for 11 sessions in a row and is up just 1.7 per cent year to date.
Chalco's bid to buy a controlling stake in Mongolia-focused South Gobi Resources from Canada's Ivanhoe Resources, meanwhile, remains in limbo.
Mongolia approved a law on Thursday that caps future foreign investment in industries including mining.
The new law requires foreign investors to obtain government review and parliamentary approval for investments at and above 49 per cent. South Gobi is 14 per cent owned by sovereign wealth fund China Investment Corp.
Separately, China Nonferrous Mining, which owns mines in Zambia, hopes to raise up to $US313 million through an IPO in Hong Kong.
WSJ STAFF
Comments
Post a Comment