Iron ore miner pursues listing ahead of production start

China Tian Yuan Mining seeks to raise up to $457 million amid an increasingly difficult market environment.

China Tian Yuan Mining yesterday kicked off the institutional bookbuild for a Hong Kong initial public offering that could raise between HK$2.46 billion and HK$3.54 billion $317 million to $457 million. The money will be used primarily to increase its mining and processing capacity following the start of commercial production at its first mine in July.

The deal, which is arranged by Citi as the sole bookrunner, comes at a time when investors are becoming increasingly wary about the robustness of the economic recovery in China after the government raised the reserve requirement for its major banks over the weekend. Hong Kong's Hang Seng Index has fallen in 10 of the past...

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