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CNMC eyes US$700 mln via spinoff of Africa copper biz

May. 9, 2012 (China Knowledge) - China Nonferrous Metal Mining (Group) Co Ltd (CNMC), a large-sized state-owned enterprise under the State-owned Assets Supervision and Administration Commission, plans to raise between US$500 million and US$700 million by listing its Africa copper business in Hong Kong, sources reported.

The company is likely to kick off a road show for the spinoff on Monday at the earliest, according to the report.

Senior officials of CNMC said in February this year that the group had obtained approval from the Hong Kong Exchange to launch an initial public offering for the Africa copper business, with plans to start the IPO in May.

CNMC has two subsidiaries already listed on the domestic stock market: China Nonferrous Metal Industry's Foreign Engineering and Construction Co Ltd<000758> and Ningxia Orient Tantalum Industry Co<000962>.

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