Chinalco’s Peru unit starts pre-marketing $1 billion IPO

Chinalco Mining, a unit of state-owned Aluminum Corp of China Chinalco, has started pre-marketing for a Hong Kong initial public offering that it hopes will raise about $1 billion.

The Toromocho copper-polymetallic deposit in Peru, which is Chinalco Mining’s principal asset, is the core overseas platform for Chinalco’s non-aluminium, non-ferrous resources developments, according to a source.

Bankers will continue the pre-marketing, which started yesterday, until at least Friday. Depending on market conditions, they will then either extend it for another week or launch a formal management roadshow, another source said. They are trying to launch the deal next week, but nothing is firm, given the choppy...