The cut and paste KONG, Dec 27, 2007 (XFN-ASIA via COMTEX) --
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PowerRating -- Zijin Mining Group Co Ltd was sharply higher after news that mainland regulators approved the Chinese gold miner's Shanghai listing plan.
At 10:21 am, the stock was trading at 12.70 hkd, up 0.80 hkd or 6.72 pct.
The China Securities Regulatory Commission announced yesterday that it has approved Zijin Mining's plan to issue up to 1.5 bln A-shares for a listing in Shanghai.
The company has not discloses the price of the share offer yet, but said it will not be lower than 90 percent of the average closing price of its H-shares before the issue of the A share listing prospectus.
Zijin Mining said earlier in a draft prospectus that proceeds from the A-shares offer will be used on eight projects, including the acquisition of a gold mine in Tajikistan.
(1 usd = 7.3 yuan; 7.80 hkd)
george.ng@xfn.com