Zijin Mining poised for Shanghai listing

Mainland gold miner Zijin Mining<2899> will launch an IPO in Shanghai next week, sources reported.

The company, which has already got the regulatory approval for its mainland listing last December, is said to announce on Sunday about the details of the listing, according to some company spokesman.

The offering has been delayed for some time due to the volatile market conditions on the mainland bourses. The proceeds from the selling of 1.5 billion A shares will be used to fund the company's overseas expansion.

The company's revenue in 2007 has increased by 39.26% over the previous year. Its profits attributable to shareholders were approximately RMB 2.55 billion, representing an increase of 49.72% over RMB 1.704 billion in 2006.

Zijin's H shares surged 4.67% to HK$7.17 yesterday.