22 Sep Brazilian base metals miner Votorantim Metais to list in New York and Toronto
Brazilian mining conglomerate Votorantim Metais Holding (VM Holding) has announced its intention to list in New York and Toronto in order to access new pools of investment.
The miner filed for an initial public offering on both major mining exchanges this week with the aim of reaching a wider base of investors betting on a long-term recovery in zinc, copper, lead and silver prices.
Brazil’s largest diversified industrial group and VM Holding parent company Votorantim is selling an undisclosed stake in the cross-border listing, Reuters reports.
The filing also stated that VM Holding will change its name to Nexa Resources and will be registered in Luxembourg, but did not release any further financial information in regard to the listing.
Reuters reported in July that the base metals miner was planning a US$750 million offering, valuing the company at $4 billion.
It has also been said by sources that the parent company will use the proceeds from the miner to invest in other, high-return business areas.