Zijin Mining plans spin-off of Zijin Gold for Hong Kong listing

Zijin Mining Group Company (SSE:601899) has announced plans to spin off its subsidiary, Zijin Gold International Company Limited, for a listing on the Hong Kong Stock Exchange (HKEx). The decision, made during the company's extraordinary general meeting, is part of Zijin Mining's strategy to enhance its international gold operations. The spin-off is subject to regulatory approvals and aims to establish Zijin Gold as a leading international gold enterprise. Zijin Mining intends to maintain control of Zijin Gold post-listing. Zijin Gold holds world-class gold mining assets located in South America, Central Asia, Africa, and Oceania. The offering aims to build a dedicated international funding platform. The board of directors are authorized to decide about the details of the offering, including share and allocation to existing shareholders, in which current A-shareholders will not participate. It is expected that Zijin Gold will continue to publish separate statements. They aim to enhance global gold resource development with a potential for improving overall shareholders' equity. A proposed employee stock ownership plan, capped at CNY 700.40 million, was also submitted for consideration.