A motion extracurricular the Serbia Zijin Mining complex, operated by Zijin Mining Group Co., successful Bor, Serbia, connected Thursday Aug. 24, 2023.
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Zijin Gold shares surged implicit 60% Tuesday arsenic the Chinese miner's planetary portion made its trading debut successful Hong Kong.
The institution had raised nearly 25 cardinal Hong Kong dollars (about $3.2 billion) with shares priced astatine HKD$71.59 apiece, making it the world's second-largest archetypal nationalist offering aft artillery elephantine CATL's listing earlier this year.
Zijin Gold's debut, which was delayed by a time owed to the interaction of Super Typhoon Ragasa connected Hong Kong past week, comes astatine a clip erstwhile the yellowish metallic has been notching grounds highs. Spot golden precocious surpassed $3,800 per ounce amid beardown safe-haven demand, expectations of complaint cuts, and planetary economical uncertainty.
The listing builds connected a resurgence successful Hong Kong's IPO marketplace this twelvemonth that has collectively raised astir $14.1 cardinal successful the archetypal fractional of this year, a 695% year-on-year summation from the aforesaid play successful 2024.
Zijin Gold is the overseas gold-mining limb of China's partially state-owned Zijin Mining that operates each of the group's golden mines extracurricular of China. Major investors successful its IPO included Singapore's sovereign wealthiness money GIC, Hillhouse's HHLRA and BlackRock Funds.
Zijin Mining, the largest shaper of mined golden successful China, had announced in April that it would carve retired its overseas golden operations into the caller Zijin Gold portion arsenic portion of a wider restructuring aimed astatine sharpening its absorption connected gold.
The group's planetary footprint spans Central Asia, South America, Oceania and Africa. It engages successful the afloat worth concatenation of golden mining, from exploration and improvement to processing, smelting, refining, and sales.
In 2024, Zijin Mining produced 1.3 cardinal ounces (40.4 tonnes) of gold, ranking it ninth globally successful reserves, according to the company's estimates.
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