Zijin Mining surges on A-share listing plan

Zijin Mining surges on A-share listing plan

Shares of Chinese gold miner Zijin Mining Group Co. Ltd. were set to open 5.93 percent higher on Friday after it unveiled plans for an A-share issue.

Shares of Zijin gained HK$0.29 to HK$5.18 in pre-open trade.

The Chinese gold miner said it planned to issue up to 150 million A-shares in Shanghai, raising funds to expand its mining and refining business.

It said it may consolidate 10 existing H shares into one to match the face value of its proposed A shares of one yuan each.

Zijin’s Hong Kong-listed shares, with a nominal value of 0.1 yuan, closed at HK$4.89 on Thursday, valuing a similarly priced A-share listing at US$940 million. The stock has lost 9.9 percent so far in 2007. (US$1=HK$7.8)

Source: Reuters

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