The Chinese mining giant plans to raise $100 million to support the development of a gold mine project in Australia.

The rare king in China announced on the Hong Kong Stock Exchange that it will raise a total of 782.8 million Hong Kong dollars through the subscription of new shares and the placement of shares. The company will issue 43.96 million subscription shares at a price of 3.80 Hong Kong dollars per share, which is about 18.3% below the previous closing price of 4.65 Hong Kong dollars; the total expected proceeds from the subscription is approximately 167.05 million Hong Kong dollars. The company will also place up to 162 million new shares at a price of 3.80 Hong Kong dollars per share, with the total expected proceeds from the placement being approximately 615.75 million Hong Kong dollars. The total proceeds from the subscription and placement are expected to be about 782.8 million Hong Kong dollars. The company plans to use the net proceeds together with its own funds to support the development of the Mt Bundy gold mine project in Australia, and expects that all net proceeds will be fully utilized by the end of 2027. Construction and debt financing will be completed, with construction starting in the second half of 2026 and production scheduled to begin in the first quarter of 2028.