https://www.scmp.com/rss/226336/feed China Molybdenum, the largest molybdenum producer in China and the fourth largest in the world, is 35.5 per cent owned by Cathay Fortune Corp, which is headed by billionaire Yu Yong and based in Shanghai. China Molybdenum is listed in Hong Kong and Shanghai, and was a constituent of the Hang Seng China Enterprise Index from 2007 to 2010. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com US miner Freeport-McMoRan has agreed to sell its majority stake in the Tenke Fungurume copper project in the Democratic Republic of Congo to China Molybdenum for US$2.65 billion in cash, handing the Chinese company one of the world’s most prized copper assets. The deal marks China Molybdenum’s second back-to-back acquisition in as many weeks and is a big vote of confidence in copper, which many see as a bright spot among base metals. It is also the biggest copper deal since Glencore sold its Las... https://www.scmp.com/business/commodities/article/1942954/freeport-sell-congolese-copper-mine-china-molybdenum-us265?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1942954/freeport-sell-congolese-copper-mine-china-molybdenum-us265?utm_source=rss_feed Mon, 09 May 2016 13:24:29 +0000 Australia’s Alacer Gold said it expects to receive bids within a month to sell two gold mines, in a sign that merger activity in the sector may be starting to stir after a slump in bullion prices. Gold miners in Australia have been hammered by asset writedowns, as they grapple with high costs and a financing drought that has left many smaller operators scrambling for cash, prompting speculation of an asset swoop by Chinese buyers. “Certainly some (potential buyers) are Asian-backed operators... https://www.scmp.com/business/companies/article/1294938/struggling-australian-gold-miners-eye-outside-backers?utm_source=rss_feed https://www.scmp.com/business/companies/article/1294938/struggling-australian-gold-miners-eye-outside-backers?utm_source=rss_feed Wed, 07 Aug 2013 06:46:36 +0000 China Molybdenum, the nation's second-biggest producer of the steelmaking material, has agreed to pay US$820 million for Rio Tinto's Northparkes copper mine in Australia. The sale is expected to be completed by the end of the year, Rio said yesterday. London-based Rio owns 80 per cent of the mine with the balance held by Sumitomo, which has the right to match the offer. It's valued at about US$800 million, Citigroup said in a February report. Buying the stake, a transaction which would be the... https://www.scmp.com/business/companies/article/1292743/rio-tinto-sells-australia-copper-mine-chinese-firm-us820m?utm_source=rss_feed https://www.scmp.com/business/companies/article/1292743/rio-tinto-sells-australia-copper-mine-chinese-firm-us820m?utm_source=rss_feed Mon, 29 Jul 2013 03:02:01 +0000 Sinopec stock jumps on price reform buzz China Petroleum & Chemical (Sinopec), China's largest oil producer and Asia's largest oil refiner, saw its share price close up 3.8 per cent to HK$7.64, rising up to 5.2 per cent, yesterday after the Shanghai Securities News quoted an unnamed expert at the Energy Research Institute of the National Development and Reform Commission as saying Beijing is expected to "soon" launch a new retail fuel price-setting mechanism. Eric Ng   China Molybdenum soars... https://www.scmp.com/business/china-business/article/1057370/business-digest-october-10-2012?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1057370/business-digest-october-10-2012?utm_source=rss_feed Tue, 09 Oct 2012 16:00:00 +0000 China Molybdenum, the mainland's second-largest producer of the material used to toughen steel, will boost capital spending this year by 50 per cent to expand production capacity and buy more mines. Capital spending for the Henan-based miner would increase to 1.5 billion yuan (HK$1.66 billion), from one billion yuan last year, chief financial officer Gu Meifeng said yesterday. The company reported late on Sunday a 47.9 per cent increase in last year's profit. Chairman Duan Yuxian said ... https://www.scmp.com/article/632107/china-molybdenum-lift-spending?utm_source=rss_feed https://www.scmp.com/article/632107/china-molybdenum-lift-spending?utm_source=rss_feed Mon, 31 Mar 2008 16:00:00 +0000 The market slump is taking its toll on the investments of Li Ka-shing, Lee Shau-kee, Cheng Yu-tung and their fellow Hong Kong tycoons in new share offerings - because, as cornerstone investors, they are bound by lock-up agreements to keep the shares for up to three years. The agreements mean they could not sell when the share price peaked, nor cut their losses in the past two days - which has seen their paper profits fall, or their paper losses grow, on these investments in initial public... https://www.scmp.com/article/623958/unable-sell-tycoon-investors-are-left-counting-their-losses?utm_source=rss_feed https://www.scmp.com/article/623958/unable-sell-tycoon-investors-are-left-counting-their-losses?utm_source=rss_feed Tue, 22 Jan 2008 16:00:00 +0000 China Molybdenum Co (CMOC), the mainland's second-biggest producer of the material used to toughen steel, expects the metal's price to remain strong in this half even with the government's policy to curb exports of the strategically important metal. 'We're optimistic on the price of molybdenum and believe it will stay at high levels in the second half of the year as domestic demand, mainly coming from the stainless steel sector, maintains double-digit growth,' chairman Duan Yuxian said... https://www.scmp.com/article/605266/cmoc-bullish-despite-export-quota?utm_source=rss_feed https://www.scmp.com/article/605266/cmoc-bullish-despite-export-quota?utm_source=rss_feed Thu, 23 Aug 2007 16:00:00 +0000 Shares in China High-Speed Transmission Equipment Group, a Nanjing-based maker of wind-power transmission gear, almost doubled on their first day of trading, providing investors that cashed out with the biggest payout in the exchange's history. The shares closed at HK$14, up from HK$7.08 a share at the initial public offering last week - the top end of an indicative range that went as low as HK$5.38 a share. The retail tranche was 692 times covered. 'The size of China High-Speed is... https://www.scmp.com/article/599314/china-high-speed-shares-make-stellar-debut?utm_source=rss_feed https://www.scmp.com/article/599314/china-high-speed-shares-make-stellar-debut?utm_source=rss_feed Wed, 04 Jul 2007 16:00:00 +0000 Shares of China Molybdenum Co (CMOC) rose as much as 65.88 per cent on their debut yesterday, as investors continued to chase new offerings amid ample market liquidity. The stock opened at a high of HK$11.28, then slid back to close at HK$10.82 - 59.12 per cent higher than the initial offering price of HK$6.80. About HK$7.44 billion worth of CMOC shares changed hands, 2.65 times more than the trading turnover of HSBC Holdings. An investor who obtained one lot of 1,000 shares could make... https://www.scmp.com/article/590637/cmoc-gains-59pc-sizzling-start?utm_source=rss_feed https://www.scmp.com/article/590637/cmoc-gains-59pc-sizzling-start?utm_source=rss_feed Thu, 26 Apr 2007 16:00:00 +0000 Trade disputes to the fore as markets show weakness Trade wars and taking a breather may be the themes in China business this week, as equity markets, although looking strong, show signs of needing consolidation. Hong Kong's market showed signs of tiredness late last week, with the benchmark Hang Seng Index closing 39.24 points or 0.19 per cent down at 20,340.97 on Friday, taking the cue from New York's Dow Jones Industrial Average. Investors are worried that an interest rate cut may... https://www.scmp.com/article/589086/heads?utm_source=rss_feed https://www.scmp.com/article/589086/heads?utm_source=rss_feed Sun, 15 Apr 2007 16:00:00 +0000 The rush of punters to place orders for shares of China Molybdenum left some banks running out of subscription forms and some brokerages drained of funds when the firm's initial public offering opened yesterday. Sources close to the sponsor of the mainland's largest producer of the steel hardener stressed that there were enough forms to go around. Four major securities brokerages received about HK$13 billion in margin orders for China Molybdenum, or about 18 times the amount of shares... https://www.scmp.com/article/588909/forms-and-funds-run-out-punters-rush-china-molybdenum?utm_source=rss_feed https://www.scmp.com/article/588909/forms-and-funds-run-out-punters-rush-china-molybdenum?utm_source=rss_feed Fri, 13 Apr 2007 16:00:00 +0000 High demand for loans to buy shares in recent initial public offerings has pushed up interest rates, with the overnight rate hitting a high of 5 per cent yesterday. The rate ended at 4.9 per cent from 4.5 per cent at Tuesday. 'I think the short-term rate will stay at a higher level until the end of the month due to IPO demand,' said Hang Seng Bank head of markets Dennis Wong Wai-hung. Country Garden Holdings, China Molybdenum and China Citic Bank are among companies scheduled to list in Hong... https://www.scmp.com/article/588629/interest-rates-rise-demand-ipo-funds?utm_source=rss_feed https://www.scmp.com/article/588629/interest-rates-rise-demand-ipo-funds?utm_source=rss_feed Wed, 11 Apr 2007 16:00:00 +0000 Markets back on bullish tone after weeks of uncertainty After a few weeks of uncertainty and hand wringing over high oil prices and the state of US consumer appetites, it looks like stock markets are back to their bullish selves. The Hang Seng Index managed to ring the 20,000 bell again last week, and given the strong ending to the week and appetite for new shares, buyers have more money to spend. Oil prices are expected to soften after Iran last week released 15 captive British sailors and... https://www.scmp.com/article/588229/heads?utm_source=rss_feed https://www.scmp.com/article/588229/heads?utm_source=rss_feed Sun, 08 Apr 2007 16:00:00 +0000 Metal producer will use listing proceeds to expand capacity China Molybdenum, the largest mainland producer of the metal by annual ore mining capacity, hopes to sell shares at 11 to 15 times this year's earnings in a US$600 million initial public offering, sources said. The proposed valuation is on par with its listed peer, Hunan Nonferrous Metals Corp, the mainland's largest zinc and tungsten producer, which is trading at 16 to 17 times earnings for this year. 'The offering is attractive... https://www.scmp.com/article/587821/china-molybdenum-plans-us600m-share-offering?utm_source=rss_feed https://www.scmp.com/article/587821/china-molybdenum-plans-us600m-share-offering?utm_source=rss_feed Wed, 04 Apr 2007 16:00:00 +0000