China Molybdenum to Raise Up to CNY18 Billion Via Share Placement in China
May 22 2016 - 10:22PM
Dow Jones News
By Joanne Chiu
The board of China Molybdenum Co. (3993.HK) has approved a plan
to raise as much as 18 billion yuan ($2.8 billion) via a share
placement in China to fund acquisitions.
The Chinese mining-and-processing company, which earlier this
month agreed to buy an African copper operation from
Freeport-McMoRan Inc. (FCX) for US$2.65 billion, said Friday it
plans to issue 5.68 billion new shares to investors at CNY3.17
each.
It said CNY9.5 billion of the total proceeds will be used to
fund the acquisition of niobium and phosphates businesses in
Brazil, while the remaining is for financing the purchase of copper
assets in Congo.
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
May 22, 2016 22:07 ET (02:07 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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