Iron ore miner IRC seeks $512 million from Hong Kong listing

The spin-off from London-listed gold miner Petropavlovsk is in the process of developing two more mines in the far east of Russia to add to the one already in operation.

IRC Limited yesterday joined the long list of companies hoping to list on the Hong Kong stock exchange in the next few weeks as it kicked off formal marketing to institutional investors. The company focuses on iron ore mining in the far east of Russia, near the Chinese border, and is being spun off from Petropavlovsk, which is already listed on the London Stock Exchange.

The separate listing is partly a way to differentiate the iron mining unit from its gold mining parent, previously known as Peter Hambro Mining, and to achieve a better valuation for these assets. Also, the gold mining operations are cashflow positive and the company doesn’t want this to be used...

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