Chinalco seeks US$435m in HK IPO
Source: Bloomberg News |
January 18, 2013, Friday
|
Print Edition
Print Edition
CHINALCO Mining Corp International, a unit of China's biggest aluminum producer, plans to raise as much as US$435 million in an initial public offering in Hong Kong to fund its copper project in Peru.
The company is offering 1.76 billion shares at between HK$1.52 (20 US cents) and HK$1.91 each, according to the term sheet obtained by Bloomberg News. Five cornerstone investors including Rio Tinto Group and Trafigura Beheer BV agreed to buy US$240 million of shares, the terms show.
Chinalco Mining, owned by Beijing-based Aluminum Corp of China, plans to use about 30 percent of the proceeds to develop the US$2.2 billion Toromocho project. Copper consumption in China, the biggest buyer, will expand 4.9 percent this year, following a 4 percent gain in 2012, led by demand for household appliances, according to China International Capital Corp.
Trafigura will invest US$100 million, while Rio Tinto and Louis Dreyfus Commodities Group will each invest US$30 million. BNP Paribas SA, China International and Morgan Stanley are managing the sale.
The copper miner is selling a 15 percent stake in the IPO. It had planned to raise US$800 million to US$1 billion in a share sale last year, two people with knowledge of the matter said at the time. It received approval from Hong Kong's bourse last May for the offering, they said.
The remaining proceeds will be used for working capital, to help repay loans and for acquisitions of non-ferrous and non-aluminum mines, according to the term sheet. The shares are set to be priced on Thursday and start trading on January 31.
The company is offering 1.76 billion shares at between HK$1.52 (20 US cents) and HK$1.91 each, according to the term sheet obtained by Bloomberg News. Five cornerstone investors including Rio Tinto Group and Trafigura Beheer BV agreed to buy US$240 million of shares, the terms show.
Chinalco Mining, owned by Beijing-based Aluminum Corp of China, plans to use about 30 percent of the proceeds to develop the US$2.2 billion Toromocho project. Copper consumption in China, the biggest buyer, will expand 4.9 percent this year, following a 4 percent gain in 2012, led by demand for household appliances, according to China International Capital Corp.
Trafigura will invest US$100 million, while Rio Tinto and Louis Dreyfus Commodities Group will each invest US$30 million. BNP Paribas SA, China International and Morgan Stanley are managing the sale.
The copper miner is selling a 15 percent stake in the IPO. It had planned to raise US$800 million to US$1 billion in a share sale last year, two people with knowledge of the matter said at the time. It received approval from Hong Kong's bourse last May for the offering, they said.
The remaining proceeds will be used for working capital, to help repay loans and for acquisitions of non-ferrous and non-aluminum mines, according to the term sheet. The shares are set to be priced on Thursday and start trading on January 31.
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