MMG plans rights issue for debt repayment

The mining company is seeking $520 million from existing shareholders before a chunky portion of its debt matures in June next year.

MMG plans rights issue for debt repayment

Sino-Australian mining company MMG is tapping shareholders for cash with a HK$4 billion $520 million rights issue to meet short-term debt obligations while it waits for its biggest acquisition to deliver profits.

Funds raised will go to help the miner, which reported losses of $1.1 billion in the first half of this financial year, meet some $824.6 million of debt due in June next year. MMG needs cash in the short term...

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