Zijin Mining placement

Investors snap up $187 million Zijin Mining placement

Zijin Mining's $187 million placement is priced at a 5.1% discount and comes after a 25% rally in the share price since mid-June.

An undisclosed institutional investor in gold and copper miner Zijin Mining Group sold its entire stake through a block trade on Tuesday evening, showing that the market remains open at least for quick, non-marketed transactions.

Long-only investors have been buyers of Zijin Mining during the past few weeks and saw the Goldman Sachs-led placement as a good opportunity to increase their exposure at a discount to the market price. As a result, the bookrunner was able to fix the price in the upper half of the range for a total deal size of HK$1.46 billion $187 million.

The seller offered all its 338.383 million H-shares...

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