SHANGHAI, Jan. 18 -- Yunnan Tin Company Ltd, the world's largest tin producer, announced on 13 January that it will issue 2.4 shares for every ten shares to existing shareholders to raise around RMB 1.4 billion (US$205 million), according to a statement filed with the Shenzhen Stock Exchange. The issue price will be RMB 8.98 per share, a price 74% lower than RMB 35.1, the previous day's closing price.
The listed company will release the result of the issue on 27 January. The proceeds from the issue will be used to develop four projects: a tin mine project with a daily output of 1,500 tons, a tin processing project, a tin smelting project with an annual capacity of 70,000 tons and a lead smelting expansion project. The lead project's annual output is expected to increase to 100,000 tpy from 20,000 tpy.