BRIEF: Zijin Mining files to separately list international gold unit

Zijin Mining Group Co. Ltd. (2899.HK) said that its international gold mining unit submitted an application to the Hong Kong Stock Exchange on Monday for a separate listing. It added that the stock exchange confirmed that the company can proceed with the plan to spin off and separately list the unit, Zijin Gold International.

Simultaneously with the announcement, Zijin Gold’s preliminary prospectus was published on the Hong Kong Stock Exchange’s website on Monday, with Morgan Stanley and Citic Securities as the underwriters. The company reported its revenue rose about 33% last year to nearly $3 billion from $2.26 billion in 2023, thanks partly to soaring gold prices. Its profit over that period more than doubled to $481 million from $230 million a year earlier.

Zijin Mining first indicated its intention to spin off and separately list Zijin Gold in May, saying the move would accelerate its internationalization, strengthen its capital management efficiency and enhance its capacity for offshore financing and M&A. The plan was approved by Zijin Mining’s shareholders on June 26.

By Doug Young

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