Brazil’s Paranapanema group has asked the country’s financial regulator CVM for additional time to carry out a public offering of shares. According to Business News Americas, the group’s original notification to the regulator had specified that the offering would take place before 18 December. The additional time was requested due to the current conditions of capital markets in Brazil and abroad that created the need to modify the previously planned timetable.
Paranapanema has four branches: Mineração Taboca (tin), Cibrafértil (fertilizers), Caraíba Metais (copper and byproducts) and Eluma (copper tubes and fixtures). The company’s mine output of tin has risen to 5,014 tonnes in the nine months to September 2007, 36% higher than in the corresponding period of 2006. The completion of a delayed expansion of its Pitinga mine will give output a further boost in 2008.
