China Molybdenum to seek shareholder approval for medium-term notes, overseas bonds

By Jennifer Chiou

New York, March 23 – China Molybdenum Co., Ltd. announced that it intends to ask shareholders to authorize a special resolution to give its board a mandate to issue medium-term notes in an amount not to exceed 40% of the audited consolidated net assets of the company.

The issuer is also seeking holder approval for up to €500 million of bonds in an overseas market. These bonds may be denominated in euros or another foreign currency and may not exceed €500 million or its equivalent, according to a filing with the Hong Kong Exchange.

The securities may be issued in one or several tranches.

China Molybdenum said that the purpose of the potential note offering is to better meet the strategic development of the company and increase financing channels. The euro-denominated bonds would help the issuer avoid the risks of a having substantial amount of liabilities denominated in a single currency, the filing added.

The molybdenum and tungsten producer is based in Luoyang, China.

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