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Abacus Mineral & Mining Group (AMMG)

Abacus Mineral & Mining Group (AMMG). are planning initial public offerings in London Stock Exchange, becoming the latest REE miners to choose the southern Chinese city as the market of choice for raising capital.

 
PRLog - Feb. 24, 2011 - HONG KONG -- AMMG plans to raise $1 billion to $2 billion in an IPO ahead of a listing in London Stock Exchange in the fourth quarter. AMMG Mining, a REE producer, is looking to raise around $700 million ahead of a LSE listing Oct. 5, according to a term sheet. AMMG Mining's IPO will be the first in LSE by a company based in Hong Kong.

The listings highlight global ever-increasing REE needs. Rare Earth Elements (REE) mines in Mongolia and Inner Mongolia are keen to expand their production capacity by taking advantage of Global growing consumption. China was a net exporter of REE until last year, when rising domestic demand -- coupled with the start of a major overhaul of mines in the key production hub of Shanxi province in northern China -- prompted it to scour the Asia-Pacific region for available coal supply.

AMMG has said it hopes the IPO will help fund its planned acquisition of 8.45 billion yuan ($1.24 billion) in REE assets from foreign sources. The number of new shares it plans to issue would amount to at least 15% of its enlarged share capital. The company's assets totaled 23.12 billion yuan at the end of March 2010.

AMMG Mining plans to list about 20% of its enlarged share capital before an over allotment option of around 15% of the deal size is exercised, according to the term sheet.

Landlocked Mongolia's largely untapped mineral and energy resources have been generating a lot of interest from investors. Mongolia's proximity to China, a major customer for its REE ore, copper, other commodities, adds to its appeal.

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Contact Email:
***@ammg.hk
Source:Abacus Mineral & Mining Group HK
Zip:1002
City/Town:Hong Kong - Hong Kong Island - Hong Kong
Industry:Industrial
Tags:mining, ree, ipo
Last Updated:Apr 06, 2011
Shortcut:prlog.org/11327643
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