Chinese metal miner steps up overseas buying

China Molybdenum Co. has announced a bid to buy two metal mines as it accelerates overseas acquisitions to increase its share in global metal mineral reserves.

The company plans to raise up to 18 billion yuan (2.77 billion U.S. dollars) through non-public offering to purchase a niobium-phosphate mine in Brazil and a copper-cobalt mine in the Democratic Republic of Congo, according to a document filed with the Shanghai Stock Exchange on Saturday.

It has announced a number of other similar bids worth 4.15 billion U.S. dollars for mines in the two countries already this year.

"It is a golden opportunity to buy these high-quality assets at such a low price, and it is also in line with our strategy," Li Chaochun, China Molybdenum's board chairman, said.

The mining company will become one of the world's biggest rare metal producer if the purchases are completed.

The plan is still subject to approval from shareholders and China's securities watchdog.