Zijin Mining issues $1.5 billion convertible bonds

Zijin Mining (02899.HK) announced the issuance of USD 1.5 billion zero-coupon secured convertible bonds maturing in 2031, with an initial conversion price of HKD 63.3 per share, representing a premium of approximately 37.19% over yesterday's (29th) closing price of HKD 46.14. The bonds can be fully converted into approximately 185 million H shares, accounting for about 2.99% of the enlarged H shares and approximately 0.69% of the total issued shares.

The net proceeds from the bond issuance are approximately USD 1.527 billion, which will be used for capital expenditures related to the Arequipa project in Peru, with the remainder allocated for working capital and general corporate purposes.

The issuer will apply for the listing and trading of the bonds on the Vienna MTF operated by the Vienna Stock Exchange, and the company will apply to the Hong Kong Stock Exchange for the listing and trading of the conversion shares to be allotted and issued upon conversion of the bonds