Jan. 17, 2007 (China Knowledge) – West Mining is targeting the launch of its IPO on the Hong Kong Stock Exchange in May, hoping to raise between US$500 million and US$600 million.

Credit Suisse, UBS and China International Capital Corp are arranging the share sale.

West Mining is a producer of zinc, nickel and cooper in the Mainland, and owns four medium to large nonferrous metal mines. Its Xitieshan mine has the highest annual production capacity in China at 160,000 tons.

Like many other nonferrous metal firms, West Mining’s decision to IPO comes after the rise of global metal prices. Yesterday, Luoyang Luanchuan Molybdenum Group, which owns the largest molybdenum deposits in the world, announced plans to raise US$600 million from its IPO in Hong Kong next month. The Henan-based firm has hired Morgan Stanley and UBS as the IPO’s share arrangers.

Jinduicheng Molybdenum Group, the Mainland's largest producer of molybdenum, plans to raise US$1 billion with an IPO in Hong Kong this year. ABN Amro Rothschild, Merrill Lynch, Deutsche Bank and BOC International are arranging the share sale.