| China's largest producer of the molybdenum plans US$1b listing in HK |
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| Written by The Standard | |
| Sunday, 06 August 2006 | |
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"Jinduicheng Molybdenum Group Co, China's largest producer of the molybdenum metal used to toughen alloy steel, is planning a Hong Kong IPO to raise about US$1 billion (HK$7.8 billion), people familiar with the matter said Friday. With an annual output of about 12,000 tonnes of the hard, silvery-white metallic element, the company is the largest integrated molybdenum producer in Asia and the third largest in the world, according to Jinduicheng's Web site. The other two major producers are US giant Phelps Dodge Corp and Chile's Codelco. Jinduicheng may invite one of them to buy into its IPO, said one source, who asked not to be identified." |
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