Zijin Mining Co., Ltd. increased its capital to its subsidiaries by a total of 5.97 billion yuan.

SMM: Zijin Mining announced a few days ago that on November 11, 2020, the 22nd interim meeting of the Seventh Board of Directors in 2020 and the second interim meeting of the Seventh Board of Supervisors in 2020 examined and unanimously adopted the "motion on the issuance of convertible bonds to raise funds to be invested in fund-raising projects in the form of additional capital." It is agreed that the company will use the funds raised to increase a total of 5.29 billion yuan to Jinshan (Hong Kong) International Mining Co., Ltd., a wholly-owned subsidiary.

It is agreed to increase capital by 680 million yuan to Heilongjiang Zijin Mining Co., Ltd., a wholly-owned subsidiary, and invest in Heilongjiang Tongshan Mining Industry by Heilongjiang Zijin Mining Co., Ltd., which is specially used for the fund-raising investment project "Tongshan Mine Mining Project of Heilongjiang Tongshan Mining Co., Ltd.".

The announcement said that the company's capital increase for subsidiaries is based on the actual construction needs of the investment project.