Reuters quoted a source close to the deal said Chinese coal miner Inner Mongolia Yitai Coal Co aims to raise about USD 1 billion from a Hong Kong initial public offering in the second to third quarter of 2010.

The source said Yitai plans to submit the application to the China Securities Regulatory Commission by the end of February or March for its Hong Kong listing plan.

BOC International and CICC are handling Yitai Hong Kong IPO.

IFR a Thomson Reuters publication reported recently that Yitai Coal plans to raise USD 1 billion in a Hong Kong IPO in the Q3.

China, the world top coal producer and consumer, more than tripled its coal imports last year to feed faster than expected recovery in demand that was compounded by a harsh winter.

(Sourced from Reuters)