Caixin
Oct 24, 2022 09:08 PM
BUSINESS

Zijin Mining Plans $1.4 Billion Bond as It Buys Up Metal Used in Green Transition

About 2.5 billion yuan of proceeds will be used to fund the acquisition of a 84% stake in a molybdenum ore mine located in Anhui province – the largest mine of the rare metal in Asia. Photo: ZIJIN MINING
About 2.5 billion yuan of proceeds will be used to fund the acquisition of a 84% stake in a molybdenum ore mine located in Anhui province – the largest mine of the rare metal in Asia. Photo: ZIJIN MINING

China’s Zijin Mining Co. Ltd. plans to issue a 10 billion yuan ($1.4 billion) convertible bond to fund its acquisitions of gold and molybdenum ore mines, according to a Sunday exchange filing.

About 2.5 billion yuan of proceeds will be used to purchase an 84% stake in a molybdenum ore mine located in East China’s Anhui province – Asia’s largest mine of the rare metal which is used as an alloy to make stronger steel.

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