Gold mining Zhaojin raises US$282 million in IPO

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According to a news piece released by Herbert Smith on December 11 2006, China's Zhaojin Mining Industry successfully completed an initial public offering…

According to a news piece released by Herbert Smith on December 11 2006, China's Zhaojin Mining Industry successfully completed an initial public offering (IPO) of 172.8 million shares. Listed on the Hong Kong stock exchange on December 8 2006, the IPO raised US$282 million, which the company plans to use to expand and improve its mines.

Zhaojin has five operating mines in Shangdong province. Known as the biggest gold mining company in Shangdong, Zhaojin recorded a turnover of Rmb868 million in 2005 and made Rmb160 million in profits.

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