The board of Brazilian mining and metals group Paranapanema approved a capital increase on June 13 aimed at reducing the company’s debt, according to Business News Americas. The group will raise between 381 and 645 million reais (US$234 – 396 million) from the issue of new common shares, Paranapanema said in a statement.
The company is now preparing a new phase of expansion, which should include acquisitions and the creation of new companies within the areas in which it operates, including tin, copper and fertilizers, Paranapanema president Geraldo Haenel told Brazilian business news paper Gazeta Mercantil. Opportunities for upsteam or downstream integration would be sought, although there was “nothing definite underway at the moment” he said.
Paranapanema’s Mineração Taboca tin subsidiary mined 1,671 tonnes of tin-in-concentrate in the first quarter of this year, down 5% on the same period of last year, according to statistics produced by industry association SNIEE.
