China's top aluminum producer Aluminum Corporation of China Ltd. is looking to raise USD 1 billion by listing its Peru based Toromocho copper mine assets in Hong Kong in the first half of this year.

According to a company source, market watchers worry the lackluster market conditions in Hong Kong would drag down the to be listed unit's pricing, but a source from Chinalco’s overseas operations told the 21st Century Business Herald the assets are attractive to investors, and mining has also started.

According to an IFR report last October, BNP Paribas SA, China International Capital Corporation Ltd and Morgan Stanley & Co. have been mandated by Chinalco to arrange the transaction.

Last August, Chinalco won approval from the Peruvian environmental authorities to start work on the USD 2.2 billion mine, one of the company’s key overseas projects.

Mr Xiong Weiping GM of Chinalco told the 21st Century Business Herald that "We will, when the time is ripe, list some of our different assets and use the funds raised to develop our overseas businesses.”

The copper mine is forecast to have an annual output equivalent of 250,000 tonnes, about 30% of China's fine copper output per year.

(Sourced from en.21cbh.com)