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Huayu Mining to raise funds for Kangqiaoqi's polymetallic ore mining project
2020-05-12 16:34:35 【Print】
Huayu Mining announced on May 12 that it plans to issue non-public shares to raise no more than 680 million yuan (95.89 million US dollars). The raised funds, after deducting issuance costs, will be used for Kangqiaoqi's polymetallic ore mining project and repaying bank loans.
According to the announcement, Huayu Mining acquired a 50% stake in Talco Gold in December 2017. The Kangqiaoqi project of Talco Gold is under construction now and after it reaches full capacity, Huayu Mining would see an additional antimony concentrate production of 16,000 metal tons and about 2.2 tons of gold annually. As of April 30, the company has borrowed a total of 348 million yuan (49.07million US dollars) from the Kangqiaoqi polymetallic ore mining project for fixed assets construction, and the remaining investment fund gap is 610 million yuan (86 million US dollars), including the construction fund gap of 493 million yuan (69.51 million US dollars). The company plans to use the funds raised by this non-public offering to fill the gap.
Huayu Mining said the development of Kangqiao polymetallic ore project is an important step for the company to set foot in gold field. After the project is put into operation, the company will see increasing reserves of 49.9 metal tons of gold and 264,600 metal tons of antimony, controlling nearly 15% of the global antimony metal supply. The company would have a great impact on the pricing and decision-making power in the global antimony industry in the future.
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According to the announcement, Huayu Mining acquired a 50% stake in Talco Gold in December 2017. The Kangqiaoqi project of Talco Gold is under construction now and after it reaches full capacity, Huayu Mining would see an additional antimony concentrate production of 16,000 metal tons and about 2.2 tons of gold annually. As of April 30, the company has borrowed a total of 348 million yuan (49.07million US dollars) from the Kangqiaoqi polymetallic ore mining project for fixed assets construction, and the remaining investment fund gap is 610 million yuan (86 million US dollars), including the construction fund gap of 493 million yuan (69.51 million US dollars). The company plans to use the funds raised by this non-public offering to fill the gap.
Huayu Mining said the development of Kangqiao polymetallic ore project is an important step for the company to set foot in gold field. After the project is put into operation, the company will see increasing reserves of 49.9 metal tons of gold and 264,600 metal tons of antimony, controlling nearly 15% of the global antimony metal supply. The company would have a great impact on the pricing and decision-making power in the global antimony industry in the future.
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