China Molybdenum puts off issuing RMB 2 billion medium-term notes

By Marisa Wong

Madison, Wis., July 3 - China Molybdenum Co., Ltd. said it has decided to postpone its previously announced RMB 2 billion issue of medium-term notes due to recent market volatility.

The company had announced on June 28 that it planned to issue the medium-term notes on July 5.

The company now says it will closely monitor the market and reconsider offering the notes at a later date.

The company announced plans to issue up to RMB 4 billion of debt financing instruments in August 2010. The proposed issuance was then approved by shareholders at a meeting in October 2010. Recently, the company registered to issue RMB 2 billion of five-year notes with China's National Association of Financial Market Institutional Investors.

China Molybdenum is a Luoyang, China, molybdenum and tungsten producer.

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