China Molybdenum plans CNY 1.9bn in guarantees

China Molybdenum Co., Ltd. (CMOC) disclosed its plan to issue guarantees for its wholly-owned subsidiaries, capped at CNY 1.9 billion. The plan, approved at the company's annual shareholder meeting on June 7, 2024, aims to support the subsidiaries' operations. As of the announcement date, CMOC has no overdue guarantees. The approved guarantee limit allows flexibility to allocate guarantees among the subsidiaries, though internal adjustments are allowed between subsidiaries with debt-to-asset ratios above 70%. The announcement specifies that the total external guarantees provided by the company represent 21.11% of its latest audited net assets. This action aligns with the corporation's ongoing business projections, but the company has asked investors to note relevant risks.