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Chinalco Mining approved to launch US$1-bln IPO in HK

May. 18, 2012 (China Knowledge) - Chinalco Mining Corp, a subsidiary of Aluminum Corp of China (Chinalco), the country's largest aluminum producer, has received approval from regulators to launch its initial public offering on the Hong Kong Stock Exchange with fundraising between US$800 million and US$1 billion, said a person familiar with the matter.

The person added that Chinalco Mining intends to start gauging investor demand next Monday.

China International Capital Corporation Ltd, HSBC Holdings PLC<0005><HBC>, BNP Paribas SA and Morgan Stanley will handle the deal, sources reported.

Chinalco Mining is developing the Toromocho project in Peru, which is valued at around US$2.2 billion and has 1.53 billion metric tons of reserves of copper, molybdenum and silver, with a productive life of 36 years.

David Thomas, vice president of Chinalco's Peruvian unit, has said the company started construction on the Toromocho project last May and expects to put it into operation in October 2013, with a copper ore processing capacity of 117,000 metric tons per day.

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