China Molybdenum approves RMB1.9bn in external guarantees

China Molybdenum has announced its plan to provide external guarantees totaling up to RMB 1.9 billion to its wholly-owned subsidiaries. This decision, approved by the 2024 annual general meeting, aims to support the normal production and operational needs of its subsidiaries.

The guarantees will primarily be directed towards subsidiaries with asset-liability ratios exceeding 70%. As of the announcement date, the company had no overdue external guarantees, and its total outstanding external guarantees were RMB 153.59 billion, representing 21.62% of its net assets.

This move is considered a strategic step to ensure the stable and sustainable development of the company, with the creditworthiness of the guaranteed entities deemed sound and the overall risk manageable.