Sino-Australian mining company MMG is tapping shareholders for cash with a HK$4 billion $520 million rights issue to meet short-term debt obligations while it waits for its biggest acquisition to deliver profits.
Funds raised will go to help the miner, which reported losses of $1.1 billion in the first half of this financial year, meet some $824.6 million of debt due in June next year. MMG needs cash in the short term as its big-money investment in Peru's Las Bambas copper mine is only beginning to generate returns.
MMG, the Hong Kong-listed subsidiary of state-owned miner China Minmetals Corporation, said on...
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