SHANGHAI, Jul. 16 (SMM) - Chinese copper smelter Xiangguang Copper Co. obtained local government approval to increase its investment in EMED Mining of Cyprus.
Hongkong-based subsidiary Xiangguang International Holding Ltd. would subscribe to EMED’s convertible bonds with a maturity of 18 months, the Shandong-based company said on its web site on July 15.
The bonds can be converted to a 7.1% stake of EMED at maturity at $0.12 a share, bringing Xiangguang’s total holding in EMED to 17.8%, it said.
EMED developes copper and gold properties in Europe.