|Zijin Mining to issue US-denominated bonds
Zijin Mining Group Co Ltd, the largest listed gold miner in China, announced that it plans to issue U.S.-denominated bonds in the overseas market.
The Shanghai-and Hong Kong-listed company said it has appointed BOCI Asia Ltd as sole lead manager and book runner for the issue.
The bonds, which will not be listed on any exchange, are expected to be backed by a standby letter of credit to be issued by the Paris branch of Bank of China, said Zijin Mining without disclosing the timetable and size of the bond issue.
Zijin Mining also noted that it will use the proceeds to develop an overseas copper-smelting project, which is managed by a wholly-owned subsidiary Zijin Copper Co Ltd and is designed to process 200,000 tons of copper per year.
In the first quarter of this year, Zijin Mining's net profit swelled 17% year on year to RMB 1.39 billion, and its operating revenue stood at RMB 7.46 billion, higher than the RMB 6.3 billion booked in the same quarter of 2010.