China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Zijin Mining Group Co Ltd said it plans a $280 million U.S. dollar-denominated bond issue, raising capital to acquire copper concentrate overseas for a smelter project of its unit.
In a filing to the Hong Kong bourse on Tuesday, Zijin Mining said the bonds would have maturity of five years and a fixed interest rate of 4.25 percent per year during its term with interest payable semi-annually.