REFILE-Canadian miner SouthGobi eyes $800 mln HK IPO -paper

Wed Apr 16, 2008 9:11pm EDT
 
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(Refiles to fix spelling of Ivanhoe in fourth paragraph)

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HONG KONG, April 17 (Reuters) - Canadian listed mining group SouthGobi Energy Resources (SGQ.V: Quote, Profile, Research, Stock Buzz) aims to raise as much as $800 million from a secondary listing in Hong Kong later this year at the earliest, a Hong Kong newspaper reported on Thursday.

SouthGobi, which is listed on Toronto's TSX Venture Exchange for start-up companies, has hired UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) (UBS.N: Quote, Profile, Research, Stock Buzz) to arranged the share sale, the South China Morning Post quotedsources as saying.

SouthGobi owns mines in Mongolia and has a market value of C$1.75 billion ($1.75 billion), the newspaper said. Another Canadian mining firm, Ivanhoe Mines, holds 80 percent of SouthGobi. CFE (Capital Markets), which is indirectly owned by Hong Kong-listed Cheung Kong (0001.HK: Quote, Profile, Research, Stock Buzz), and Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz) had paid C$6.4 million for less than 1 percent of SouthGobi in February, the newspaper added. It gave no further listing details. (US$1=HK$7.8=C$1) (Reporting by Donny Kwok; Editing by Anne Marie Roantree)

 

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