China’s Zijin Mining Group is planning to take its international gold-mining unit public in Hong Kong in an initial public offering that may fetch more than $3-billion, according to people familiar with the matter, putting the deal on course to be the world’s second-biggest IPO this year.

The size and timing of Zijin Gold International’s listing could still change as deliberations are ongoing, the people said, asking not to be identified discussing a private matter. The listing could come as soon as this month and investor interest in the offering has been exceptionally strong as gold prices hover near all-time highs, one of the people said.

Zijin Mining and the gold unit didn’t immediately respond to requests for comment.

Should the deal go as planned, it would be the world’s biggest listing since Contemporary Amperex Technology’s blockbuster $5.3-billion offering in May, according to data compiled by Bloomberg. As for Zijin, it would join the growing wave of Chinese miners capitalizing on rising gold prices.

Zijin Mining, China’s biggest gold miner, churned out 73 tons of the precious metal last year, of which 60% came from overseas, according to Bloomberg calculations. The mining giant is targeting to increase production to 100 tons to 110 tons by 2028.

The IPO comes after bullion broke out of a months-long trading range, notching fresh records on the back of central-bank purchases, rate cut hopes and investors’ push to diversify away from the US dollar. Several Wall Street banks have forecast more gains to come, with Goldman Sachs Group Inc. seeing gold climbing to as high as $4 000 an ounce next year.

The deal would also mark another trophy for Hong Kong and the banner year it’s having attracting new listings. Thanks to a surge of listings by Chinese companies, proceeds in Hong Kong’s IPO market are poised to more than double to over $26 billion, according to Bloomberg Intelligence estimates.

IFR earlier reported that Zijin Gold’s IPO target was raised to at least $3-billion from about $2-billion.