MMG to Raise $1.60 Billion via Share Placement, Bond Issuance

By Megan Cheah

MMG plans to raise around US$1.60 billion through a share placement and convertible bond issuance, as it seeks to refinance debt and fund expansion.

The Australia-based metals miner, majority owned by state-owned China Minmetals Corp., said Tuesday it aims to raise 6.27 billion Hong Kong dollars, equivalent to US$800.3 million, through a placement of nearly 705.9 million shares at HK$8.88 each. That price represents an approximately 8.8% discount to Monday's closing price of HK$9.74.

Concurrently, the company plans to issue US$800 million in zero-coupon convertible bonds due 2027, with an initial conversion price of HK$10.21 a share. That price, subject to adjustments, represents a 4.8% premium to MMG's last closing price, the company said.

MMG aims to use the net proceeds to refinance debt, develop existing projects, expand its business, and fund potential investments and acquisitions.

Citi, BofA Securities and Morgan Stanley are among the banks advising MMG on the fundraising.

The company previously tapped the bond market in 2025, issuing US$500 million of zero-coupon convertible bonds due 2030 to finance its offshore debt.

MMG's shares closed 8.8% higher on Monday, bringing their year-to-date gains to about 11%.

Write to Megan Cheah at megan.cheah@wsj.com

(END) Dow Jones Newswires

June 15, 2026 21:11 ET (01:11 GMT)