DLA Phillips Fox is advising on the proposed IPO and ASX listing of China Magnesium Corporation Ltd (CMC), which is aiming to become the world’s largest producer of pure magnesium and magnesium alloy within the next 3 years.
CMC is currently raising funds to upgrade and progressively expand a processing plant in the Shanxi mining province in northwest China. The upgrade and first phase expansion will result in a capacity of 20,000 tonnes per annum of pure magnesium and magnesium alloy by February 2011, with commissioning due in March 2011.
The IPO prospectus has been lodged with the ASX and completion of the capital raising (up to $28million) and float are scheduled for July.
Partner Eugene Fung led the deal team assisted by solicitors Kelly Morrison and John Whitehill.
‘The weight of outbound Chinese investment rightly gets a lot of coverage’, Mr Fung said.
‘But the market should also be aware that China welcomes inbound foreign investment and skills to modernise its industry, particularly in mining and minerals and metals processing’.
‘There are lucrative opportunities to combine Australian expertise in funding and commercialising resources projects with Chinese operational experience and low cost structures’ Mr Fung said.
DLA Phillips Fox is an experienced adviser on both inbound and outbound Australian/Chinese resource investments. The firm (with DLA Piper) advised on the 2008 ASX listing of China Steel Australia Limited which raised funds for a nickel production facility in Shandong in northeast China (another of China’s mining provinces) and also advised China Coal Import & Export Company on a Queensland coal exploration joint venture.
Phillips Fox is advising on the proposed IPO and ASX listing of China Magnesium Corporation Ltd (CMC), which is aiming to become the world’s largest producer of pure magnesium and magnesium alloy within the next 3 years.
CMC is currently raising funds to upgrade and progressively expand a processing plant in the Shanxi mining province in northwest China. The upgrade and first phase expansion will result in a capacity of 20,000 tonnes per annum of pure magnesium and magnesium alloy by February 2011, with commissioning due in March 2011.
The IPO prospectus has been lodged with the ASX and completion of the capital raising (up to $28million) and float are scheduled for July.
Partner Eugene Fung led the deal team assisted by solicitors Kelly Morrison and John Whitehill.
‘The weight of outbound Chinese investment rightly gets a lot of coverage’, Mr Fung said.
‘But the market should also be aware that China welcomes inbound foreign investment and skills to modernise its industry, particularly in mining and minerals and metals processing’.
‘There are lucrative opportunities to combine Australian expertise in funding and commercialising resources projects with Chinese operational experience and low cost structures’ Mr Fung said.
DLA Phillips Fox is an experienced adviser on both inbound and outbound Australian/Chinese resource investments. The firm (with DLA Piper) advised on the 2008 ASX listing of China Steel Australia Limited which raised funds for a nickel production facility in Shandong in northeast China (another of China’s mining provinces) and also advised China Coal Import & Export Company on a Queensland coal exploration joint venture.
Related Posts:
- None Found