Miner Jinchuan plunges on discounted sharesale

Jinchuan International Resources

13/03/2025 02:10

** Jinchuan Group International Resources 2362.HK plunges 13.7% to HK$0.63; set for biggest one-day pct decline since July 19, 2024

** Stock hits lowest since March 6

** Chinese miner plans to sell 630 mln new shares to key shareholder Jinchuan (BVI) 1 Limited at HK$0.628, a ~14% discount to Wednesday's close, to raise HK$395.6 mln (~$51 mln)

** Proceeds will be used to develop copper and cobalt Musonoi Project in Congo's Lualaba Province

** The key shareholder will subscribe for new shares after the same amount of existing shares are sold at the same price to third party investors

** YTD, stock up 23%

($1 = HK$7.7704)

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))