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PrintSell to help moly processor finance 4-yr expansion plan
Hired Banchile Citi and IM Trust for operation (Adds details on expansion plan, operation advisers)
SANTIAGO, Sept 2 (Reuters) - Chile's Molymet MOL.SN, the world's No. 1 molybdenum processor, said on Thursday it plans to sell 10 percent of the company in the stock market to raise $200 million for its expansion plan.
The four-year expansion plan is aimed at fulfilling growing demand of molybdenum as the world economy recovers and steel consumption grows in Asia, the company said in a statement.
Molybdenum is mostly obtained as a byproduct of copper and used to strengthen steel.
The company, which posted sales of more than $1.1 billion in the last 12 months, said Banchile Citi and IM Trust will be the advisers in the operation.
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