chinese-nickel-producer-kicks-off-sizeable-ipo

Chinese nickel producer kicks off sizeable IPO

Xinjiang Xinxin Mining seeks to raise up to $500 million at a time when other metals producers have watched their share prices double in a matter of weeks.

Anette Jönsson

September 25, 2007

Only a couple of months ago, it would have been considered absurd for ChinaÆs second largest nickel producer to seek a listing. At the time, the price of nickel was tumbling and scaremongers were busy warning about implications of a global recession that they saw looming around the corner.

By the time nickel prices reached their lows in mid-August, they had more than halved from a record high of $54,050 per tonne three months earlier.

But when Xinjiang Xinxin Mining Industry kicked off the institutional roadshow for its up to $500 million initial public offering yesterday, it did so against an entirely different backdrop. Nickel prices, as quoted on the London Metals Exchange, have bottomed...

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