Metals News
China Tin and Parent Plan Overseas Projects and IPO
industry news
09:54AM
Sep 16,2010
Source:SMM

SHANGHAI, Sep. 16 -- China Tin Group is planning a public offering in the A-share market early next year, said a top company executive. Li Yangtong, chairman of Guangxi Nonferrous Metals Group, which owns China Tin, said the parent company would inject into China Tin its tin, antimony, silver and zinc production assets. The latter will submit the IPO application to the China Securities Regulatory Commission in October and plans to raise up to 2.5 billion yuan (US$368 million) through the public float, Li told China Daily.

Meanwhile the group company has signed a series of agreements on overseas projects, mainly in SE Asia. Guangxi Nonferrous is looking at nickel assets in Indonesia, and has established representative offices in Laos to explore for potash, tin, gold, zinc, lead, copper and antimony. The company signed six agreements for resource projects overseas worth 5.35 billion yuan (US$787 million) on the sidelines of the China-ASEAN Mining Cooperation Summit Forum last week. This included iron ore and gold projects in Cambodia, a tin venture in Laos, a manganese project in South Africa and a tungsten antimony project in Mongolia, Mr Li said.

China Tin produced 10,500 tonnes of refined tin in 2009, but may trim output slightly in the final quarter of this year in line with government energy-saving targets. However the impact on its more energy-intensive zinc production will be greater.

 

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