Huayou Cobalt Picks Citic for Up to $1 Billion Zurich GDR Sale, Sources Say

China’s Zhejiang Huayou Cobalt Co. has picked Citic Securities Co. to handle a sale of global depository receipts in Switzerland, people with knowledge of the matter said.

The Shanghai-listed mining firm could raise $500 million to $1 billion, said the people, who asked not to be identified discussing private information. It may start offering the GDRs in Zurich as soon as February, they said.