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Wednesday, 4th February 2009 (2670 views)

Real Gold Mining has unveiled plans to launch a HK$1.03 billion (£92.5 million) initial public offering (IPO).

The share offering in Hong Kong is intended to raise capital for the company to spend on new acquisitions and expansion plans, according to the South China Morning Post.

Citing a sales document seen by fund managers, the newspaper revealed that the Chinese mining firm is planning to sell 165 million shares at between HK$4.35 and HK$6.25 each.

The deal is reportedly being managed by Citigroup and Macquarie, with trading expected to start on February 23rd 2009 and bookbuilding to take place in Hong Kong ahead of the IPO.

Real Gold is intending to use the cash raised through the share offering to make a series of purchases in Xinjiang, Inner Mongolia and other Chinese regions.

A total of 282 tonnes of gold were produced in China during 2008, the largest amount in the world, according to the country's Gold Association.

 

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