China Molybdenum may sell up to RMB 4 billion one- to five-year notes

By Susanna Moon

Chicago, Aug. 17 - China Molybdenum Co., Ltd. said its board of directors approved selling up to RMB 4 billion notes, which will be issued in one or more tranches depending on market conditions.

The notes will mature in one to five years, and the interest rate will not be higher than the best lending rate quoted by the People's Bank of China for the corresponding period, according to a company press release.

Proceeds will be used to satisfy the operational needs of the company and its subsidiaries, including capital expenditures, working capital and the repayment of bank loans.

The company will seek shareholder approval for the issue at an upcoming meeting.

China Molybdenum is a Luoyang, China joint stock company engaged in the mining, flotation, roasting, smelting and downstream processing of molybdenum products.

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