Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Tungsten miner Jiaxin International Resources Investment Ltd. has selected China International Capital Corp. to help prepare for a potential initial public offering in Hong Kong that may take place as soon as this year, according to people familiar with the matter.
The company is considering raising 700 million yuan ($97 million) to 1 billion yuan in the first-time share sale, the people said, asking not to be identified as the information is private. It could lodge its IPO application with the Hong Kong stock exchange in the coming weeks, one of the people said.
Deliberations are preliminary and details such as banks involved and IPO timing could change, the people said.
Representatives for CICC and Jiaxin didn’t immediately respond to requests for comment.
Jiaxin is involved in the extraction of tungsten resources, according to a disclosure from affiliate Jiangxi Copper Co., which says the company owns prospecting rights for a mine in Kazakhstan that has about 284,900 tonnes of tungsten metal reserves.
(By Pei Li and Alfred Cang)
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