Regulator approves Western Mining's Shanghai IPO

China's securities regulator said on Tuesday that it had approved an application by Western Mining Co. Ltd. for an initial public offer in Shanghai, which could raise roughly $500 million.

Western Mining, a Chinese lead and zinc miner that also holds a stake in copper mining projects, including the Yulong copper deposit in Tibet, plans to issue up to 500 million A shares.

The company gave no time scale for its Shanghai IPO, although Chinese IPOs are typically launched within two weeks of regulatory approval.

In an interview in March, Mao Xiaobing, chairman of parent Western Mining Group, said the group would expand its lead and zinc capacity and increase exploration in western China and overseas.

Source : asia.news.yahoo.com