Zijin Gold International eyeing US$3b Hong Kong IPO, exceeding original goal

Zijin Gold International, which is being spun off from China’s Zijin Mining (2899), is set to raise at least US$3 billion (HK$23.4 billion) in its Hong Kong initial public offering, about 50 percent higher than an earlier target of US$2 billion, IFR reported.

Zijin Mining, the country's biggest gold and copper producer, was earlier said to be preparing to launch the share sale as soon as this month.

Proceeds will be used to repay a loan for the acquisition of Kazakhstan’s Raygorodok gold mine and to fund upgrades and construction of existing projects to boost production capacity and exploration, according to its preliminary prospectus.

Morgan Stanley and Citic Securities (6030) are joint sponsors of the listing.

STAFF REPORTER