Canada-listed gold exploration company Golden Thunder Resources plans to list its US$180 million natural rutile titanium dioxide mine on the Growth Enterprise Market (GEM).
The listing, to take place by October, will be one of the biggest and earliest floats on the exchange.
The mine is a joint-venture project formed by Golden Thunder and Henan province's No 2 Geological Institute of Henan Bureau of Geology and Mineral Resources. Golden Thunder holds a 70 per cent interest in the project.
Terry Tang, the vice-chairman of Golden Thunder, said the company planned to raise not less then $40 million through an initial public offering on GEM. The funding would be used to produce natural rutile titanium dioxide products from its Henan Fangchen rutile deposit.
The mine has an area of 34 square kilometres.
Reserves of rutile deposit in the first two square kilometres by 12 meter depth section are about two million tonnes.
The rutile products that will be produced from the mine will be sold as an off-white pigment and titanium dioxide pigment to paint, pigment and paper manufacturers on the mainland and East Asia.