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Guangdong rare earth producer eyes London listing
By Emily Ford |
March 12, 2012, Monday
|
Online Edition
Online Edition
ONE of China's leading producers of rare earths is to seek a listing on London's junior stock market, it announced today.
Mining group Rare Earths Global wants to raise US$50 million in a flotation on Aim to allow it to expand its extraction and refining operations of the high-value minerals, in a move that is expected to value the company at about US$270 million.
Rare earths are special deposits and oxides that are used in products from fuel cells to mobile phones, lasers, magnets and light bulbs and electric cars. The price of many rare earths has surged in the past 20 years thanks to a growth in their applications.
Simon Ong, the chief executive of Rare Earths Global, said: "The board has identified a considerable opportunity to capitalize on the strong demand [for rare earths], and establish itself as one of China's leading mining services operators."
Rare Earths Global, which sites its refining plant in Guangdong Province, also plans to partner with Chinese state-owned miners, offering the potential for "significant growth," Ong said.
Last year the company reported a turnover of US$40.9 million with a profit of US$4.39 million.
China is the world's largest exporter of rare earths, accounting for 97 percent of the world's output, while Japan is the largest importer, thanks to its expertise in high-end technology and manufacturing.
Ong will remain the majority owner after the float, with two thirds of the company.
Mining group Rare Earths Global wants to raise US$50 million in a flotation on Aim to allow it to expand its extraction and refining operations of the high-value minerals, in a move that is expected to value the company at about US$270 million.
Rare earths are special deposits and oxides that are used in products from fuel cells to mobile phones, lasers, magnets and light bulbs and electric cars. The price of many rare earths has surged in the past 20 years thanks to a growth in their applications.
Simon Ong, the chief executive of Rare Earths Global, said: "The board has identified a considerable opportunity to capitalize on the strong demand [for rare earths], and establish itself as one of China's leading mining services operators."
Rare Earths Global, which sites its refining plant in Guangdong Province, also plans to partner with Chinese state-owned miners, offering the potential for "significant growth," Ong said.
Last year the company reported a turnover of US$40.9 million with a profit of US$4.39 million.
China is the world's largest exporter of rare earths, accounting for 97 percent of the world's output, while Japan is the largest importer, thanks to its expertise in high-end technology and manufacturing.
Ong will remain the majority owner after the float, with two thirds of the company.
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