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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Freeport McMoRan Inc | NYSE:FCX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-2.61 | -4.98% | 49.80 | 51.20 | 49.90 | 50.53 | 17,218,832 | 01:00:00 |
By Joanne Chiu
The board of China Molybdenum Co. (3993.HK) has approved a plan to raise as much as 18 billion yuan ($2.8 billion) via a share placement in China to fund acquisitions.
The Chinese mining-and-processing company, which earlier this month agreed to buy an African copper operation from Freeport-McMoRan Inc. (FCX) for US$2.65 billion, said Friday it plans to issue 5.68 billion new shares to investors at CNY3.17 each.
It said CNY9.5 billion of the total proceeds will be used to fund the acquisition of niobium and phosphates businesses in Brazil, while the remaining is for financing the purchase of copper assets in Congo.
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
May 22, 2016 22:07 ET (02:07 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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