Nyrstar, a Belgian zinc smelting company, is preparing a €1.4bn ($2bn) initial public offering despite more than $12bn worth of deals from the metals and mining sector being postponed or this year as companies have turned to mergers and acquisitions.

The company, a Belgian-based joint venture formed only two months ago between Belgian and Australian miners Umicore and Zinifex, is set to launch the biggest initial public offering from Belgium in three years and the fourth biggest European flotation this year.