[Ferro-Alloys.com] The board of China Molybdenum Co. (3993.HK) has approved a plan to raise as much as 18 billion yuan ($2.8 billion) via a share placement in China to fund acquisitions.

The Chinese mining-and-processing company, which earlier this month agreed to buy an African copper operation from Freeport-McMoRan Inc.( FCX ) for US$2.65 billion,  said Friday it plans to issue 5.68 billion new shares to investors at CNY3.17 each.

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• [Editor:Jiang Li Juan ]