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China Molybdenum eyes RMB 3.65 bln from SH IPO

Mar. 19, 2012 (China Knowledge) - China Molybdenum Co<3993>, the nation's biggest molybdenum producer, plans to launch an initial public offering on the Shanghai Stock Exchange to raise about RMB 3.65 billion, according to a prospectus filed with the China Securities Regulatory Commission on Friday.

The Hong Kong-listed company said that it plans to issue up to 542 million A shares in the deal, which will account for not more than 10% of its enlarged share capital.

China Molybdenum, listed in Hong Kong in April 2007, plans to use RMB 1.88 billion of the proceeds from the deal to develop a hard alloy project and the remaining RMB 177 billion to expand its molybdenum and tungsten capacity.

In 2011, the company's molybdenum output reached 15,500 metric tons, ranking first nationwide and fourth in the world.

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