China Mining Resources Group Ltd is selling 1.14 billion new shares to raise up to US$280 million. The company is selling the shares at between HK$1.83 and HK$1.92 apiece.

China Mining received its shareholders' approval this month to sell the shares, representing about 19.4 percent of the firm's enlarged share capital, to fund the purchase of a 75.08 percent stake in Harbin Songjiang Copper (Group) Co Ltd, a molybdenum, copper and zinc miner, for 1.81 billion yuan. Morgan Stanley is the sole bookrunner of the deal.