Jiangxi Copper to Raise $1bn to Fund Mines

30 August 2010 (Last Updated August 30th, 2010 18:30)

Jiangxi Copper plans to raise $1bn to fund projects in Peru and Afghanistan. The funds will be used to expand production at the Dexing mine in Jiangxi, the Aynak copper mine in Afghanistan and the Northern Peru Copper Corp project, Jiangxi said. The money will be raised from exerc

Jiangxi Copper plans to raise $1bn to fund projects in Peru and Afghanistan.

The funds will be used to expand production at the Dexing mine in Jiangxi, the Aynak copper mine in Afghanistan and the Northern Peru Copper Corp project, Jiangxi said.

The money will be raised from exercising warrants issued in 2008.

The company wants to obtain supplies from its Peruvian and Afghan projects to meet expansion plans, reports Bloomberg.

Jiangxi Copper recorded a 73% gain in profit for the first half of the year and expects its nine-month profit to grow more than 50%.