China Molybdenum has set the price range for its initial public offering at a level that offers a significant discount to fellow specialty metals producer Hunan Nonferrous Metals, but could still see it raise well over $900 million if the greenshoe is exercised in full.
The company, known as China Moly, operates one of the largest pure molybdenum mines in the world, which is estimated to have 498,000 tonnes of molybdenum reserves and 506,000 tonnes of tungsten reserves. Both molybdenum and tungsten are used as alloys to harden steel and are in strong demand by China’s rapidly growing stainless steel industry in particular. This is particularly true as neither...
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