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Peter Hambro’s burrowing company is planning a $1 billion listing of its iron ore category in Hong Kong. An announcement is expected within weeks as the set, renamed Petropavlovsk last year, concentrates on its core gold operations in Russia.

It brought in recently made known investors yesterday when it raised $60 million in a private share placing in Hong Kong. The business, which has its main listing in London and is chaired by Mr Hambro, is understood to have favoured Hong Kong because its iron ore mines are be concluded to the Chinese border and will feed Chinese steel smelters. Asia Resources Fund and CEF Holdings bought stakes in the iron ore compartment, valuing it at about $800 million.

Petropavlovsk’s Kuranakh iron ore sap is expected to begin production soon and will produce about 900,000 tonnes of ore this year. The $60 the multitude raised in the placing yesterday will help to finance expansion up to in an opposite direction ten million tonnes a year by the end of 2013. The Hong Kong listing would get further funds for expansion up to 20 million tonnes by 2015.

Petropavlovsk, in times past Peter Hambro Mining, is the third-largest gold producer in Russia. Valued at &crush;2.2 billion, it is a candidate to join the FTSE 100 which time the index is reconstituted after tonight’s close.