China Nonferrous Metal Mining (Group) Co Ltd, a large state-owned enterprise under the State-owned Assets Supervision and Administration Commission, plans to raise around US$1 billion by listing its copper assets in Zambia via an initial public offering in Hong Kong, said a person familiar with the matter.
The person added that the group intends to list the Chambishi copper mine, the Luanshya copper mine and two smelting plants on the Hong Kong Stock Exchange, which has approved the IPO application submitted by China Nonferrous Metal Mining. No further details, including timetable of the IPO, have yet been disclosed.
China International Capital Corp, J.P. Morgan Chase & Co and UBS AG have been assigned to handle the IPO.
China Nonferrous Metal Mining shelved the IPO plan last year due to the unstable capital market.
Since entering the Zambian market in 1998, China Nonferrous Metal Mining currently operates nine branches in the country. The company's crude copper output in Zambia reached 150,000 tons.
The state-owned firm is the parent company of China Nonferrous Metal Industry's Foreign Engineering and Construction Co and Ningxia Orient Tantalum Industry Co.
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