Molymet proposes capital increase, more directors

Chilean molybdenum products producer Molymet reported it plans to call a shareholder meeting to propose a capital increase and the addition of more directors to its board.

The capital increase, for which Molymet did not specify an amount, is to be carried out through the issue of shares over three years, the company said in a statement to securities regulator SVS.

Molymet sold 37,581t of molybdenum products in this year's first half for US$1.45bn in revenues and US$75.2mn in net earnings.

Created in 1975, Molymet has operations in Chile, Mexico, Germany and Belgium. The company's products include molybdic oxide powder and briquettes, ferromolybdenum, perrhenic acid, rhenium metal powder and pellets, and ammonium dimolybdate. The products are used in specialty steelmaking, the chemicals industry, and metallic and superalloys.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: September 10, 2008