China Life Invests $250 Million into Iron Mining International

HONG KONG (Reuters) – Iron Mining International, partly owned by private equity firm Hopu and Singapore’s state investor Temasek, has secured a $250 million investment from China Life (2628.HK) ahead of its planned Hong Kong IPO.

Iron Mining has revived plans for a roughly $1 billion IPO, an offering expected to be handled by Credit Suisse (CSGN.VX) and Goldman Sachs (GS.N), four sources with direct knowledge of the offering told Reuters.

The IPO is scheduled for launch on the Hong Kong Stock Exchange before the end of the year, the sources said.

Iron Mining, which was previously known as Lung Ming Investment Holdings Ltd, owns and operates a Mongolian iron ore mine. The revived IPO plan comes as iron ore spot prices have soared amid a recovery in steel production.

China Life was not immediately available to comment. (Reporting by Kennix Chim, Joseph Chaney and Michael Flaherty; Editing by Jacqueline Wong)