One of China’s top miners is spinning off its overseas gold assets in a $3.2bn initial public offering in Hong Kong, taking advantage of record high prices of the precious metal to fund its expansion.
Zijin Mining is offering around 349mn shares at HK$71.59 each to raise HK$25bn, according to a listing document released on Friday. The unit will be listed as Zijin Gold on the Hong Kong Stock Exchange.
The listing comes as gold is punching through record highs of more than $3,600 a troy ounce, with geopolitical tension and macroeconomic uncertainty fuelling the metal’s rally.
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