Petropavlovsk, the Russian gold miner, is spinning off its iron ore division in a Hong Kong listing after becoming the latest mining company to secure Chinese project finance.
The London-listed group – known as Peter Hambro Mining until last year – is planning a listing that could value the iron ore unit at $1.5bn, according to people familiar with the matter. Petropavlovsk declined to comment.
The company's three early-stage iron ore projects in eastern Russia are close to the Chinese border. These mines will be majority financed and built by Chinese companies, following deals struck last year. Their output will also head to mainland China, where the world's largest steel industry demands ever more imported iron ore.
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