Summary by Futu AI
CMOC (China Molybdenum Co., Ltd.) announced on September 4, 2024 the details of its external guarantee plan. According to the announcement, the company plans to provide a total guarantee not exceeding $1.387 billion to its wholly-owned subsidiaries. The guarantee plan was approved at the 2023 annual shareholders' meeting and authorized for execution by the board of directors. As of the announcement date, the total external guarantee amount accounted for 43.40% of the most recent audited net assets, with no overdue guarantees. The main guaranteed parties mentioned in the announcement are IXM SA and Ecson (shanghai) Enterprise Management Co., Ltd., both fully-owned subsidiaries of the company. This guarantee plan aims to support the normal production and operation activities of the subsidiaries and is seen as beneficial for the company's stable and continuous development. The company emphasizes that the related guarantee risks are overall manageable.