Reuters
Chinalco Mining Corp International to seek approval for an IPO
Edited by : AL CIRCLE
1 min read
Chinalco Mining Corp International will seek approval from the Hong Kong stock exchange on May 17 for an IPO that could raise up to $1 billion, IFR reported on Wednesday.
The company, a Peruvian copper mining unit of state-owned Aluminum Corporation of China, plans to start pre marketing the deal in the week of May 21 once it gets the listing approval, the report added.
The early-stage mining company, with the $2.2 billion Toromocho Peru mine as its main asset, is expected to start production in the third quarter of 2013.
Bankers on the deal are closely monitoring the market response to the IPO of China Nonferrous Mining Corp (CNMC), another non-Chinese copper miner.
CNMC is a state-owned copper producer with operations in Zambia. The company is currently pre marketing its Hong Kong IPO of $500 million and is looking to start book building as early as May 14. A pre-deal report expects the company's 2012 net profit to surge 120 percent year on year to $154 million.
BNP Paribas and Morgan Stanley are joint global co-ordinators on the CMCI transaction and joint bookrunners with CCB International, CICC, HSBC and Standard Chartered.
The company, a Peruvian copper mining unit of state-owned Aluminum Corporation of China, plans to start pre marketing the deal in the week of May 21 once it gets the listing approval, the report added.
The early-stage mining company, with the $2.2 billion Toromocho Peru mine as its main asset, is expected to start production in the third quarter of 2013.
Bankers on the deal are closely monitoring the market response to the IPO of China Nonferrous Mining Corp (CNMC), another non-Chinese copper miner.
CNMC is a state-owned copper producer with operations in Zambia. The company is currently pre marketing its Hong Kong IPO of $500 million and is looking to start book building as early as May 14. A pre-deal report expects the company's 2012 net profit to surge 120 percent year on year to $154 million.
BNP Paribas and Morgan Stanley are joint global co-ordinators on the CMCI transaction and joint bookrunners with CCB International, CICC, HSBC and Standard Chartered.
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