24 Jul 2009 12:08

Daye Nonferrous to submit IPO application in September

Shanghai. July 24. INTERFAX-CHINA - Daye Nonferrous Metals Co. Ltd., a major state-owned copper miner and smelter based in Hubei Province, plans to submit an application for a domestic initial public offering (IPO) to the China Securities Regulatory Commission (CSRC) in September, a company employee told Interfax on July 24.

"We are now doing preparatory work for our listing plan, and have yet to finalize a timetable," a Daye Nonferrous Metals employee, who wished to remain anonymous, told Interfax, though he refused to disclose further details.

On July 22, the Hubei Daily newspaper reported that the company aims to list on a domestic stock market in 2010.

Daye Nonferrous generated total sales revenue of RMB 15 billion ($2.2 billion) in 2008 and made a net profit of RMB 235 million ($34.4 million). The company aims to increase its sales revenue to RMB 30 billion ($4.4 billion) by the end of 2010.

Daye Nonferrous has an annual production capacity of 380,000 tons of copper, 10 tons of gold, 300 tons of silver, 350,000 tons of iron ore, 60,000 tons of copper tube, 100,000 tons of copper bar and 600,000 tons of sulfuric acid.