Molymet to Raise Equity Funds

Molymet plans to sell 10% of itself on the Chilean stock market in November to raise $200m equivalent for its expansion plans. Banchile Citi and IM Trust are managing the sale. Molymet’s 4-year expansion plan is aimed at fulfilling growing demand of molybdenum, a copper by-product used to strengthen steel, as the world economy recovers and steel consumption grows in Asia. Molymet sold $102m equivalent in Mexican peso bonds last month. In March it agreed to buy China’s Luoyang High Tech Molybdenum & Tungsten Materials for $37.7m.