China Molybdenum Spends $4.15 Billion Acquiring Overseas Mines, To Become World’s No.1 Cobalt Producer

  • Wednesday, May 25, 2016
  • Source:ferro-alloys.com

  • Keywords:Molybdenum
[Fellow][Ferro-Alloys.com]China Molybdenum Co Ltd, China’s largest manufacturer of the soft metal widely used inindustry, has revealed plans to raise as much as 18 billion yuan ($2.8 billion) via a shareplacement.

[Ferro-Alloys.com]China Molybdenum Co Ltd, China’s largest manufacturer of the soft metal widely used inindustry, has revealed plans to raise as much as 18 billion yuan ($2.8 billion) via a shareplacement.

The company has newly announced two overseas acquisitions worth a combined $4.15billion by its wholly owned offshoot CMOC LimitedIt had previously said the purchaseswere to be funded with cash and undrawn credit facilitiesbased on CMOC's existingresources.

The company will become the world 's largest molybdenumtungstenand cobalt producerafter the acquisition is completedIt will also become the second largest niobium producerand the largest phosphate fertilizer producer in Brazil and one of the most importantcopper producer.

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  • [Editor:Jiang Li Juan ]

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