IRC, a Russian iron ore mining company listed on the Hong Kong bourse, surged 17 percent on Friday to exceed its initial public offering price for the first time.
IRC, which is building an ore mine in the Amur region, near the Chinese border, had its biggest one-day gain to reach HK$1.85 a share. The company sold shares at HK$1.80 in an October IPO, raising about $241 million, before the stock fell to a HK$1.31 low on Dec. 17.
The revival in the stock comes after IRC commissioned state-run China National Electric Equipment last month to build a $400 million processing plant at its K&S iron ore deposit and secured $340 million in project financing from the Industrial & Commercial Bank of China for the project. Cash from IRC’s share sale will cover the rest of the ore mine construction costs.
IRC is an iron ore unit of Petropavlovsk, a gold mining company developing deposits in the Far East.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
