China Moly chairman steps down, takes M&A role in reshuffle

Beijing, China. Photo: Raj Eiamworakul/ Unsplash

China Molybdenum Co chairman Li Chaochun has resigned from his position but will remain vice chairman and chief investment offer in a management shuffle, the mining company said late on Friday.

Li, 43, who had led China Moly since January 2014 and oversaw its purchase of a majority stake in the Tenke Fungurume copper-cobalt mine in the Democratic Republic of Congo, was replaced as chairman by Yuan Honglin, 53, a director of the company with more than 20 years’ experience in banking.

In his new role, Li “is responsible for strategic merger and acquisition and investment cooperation, both domestic and overseas,” China Moly said in a filing to the Hong Kong stock exchange, hailing his “significant contributions” to the company’s development.

The company appointed Zhou Jun, who has been heading up operations at Tenke Fungurume since April 2019, as deputy general manager.

China Moly bought a 56% stake in Tenke Fungurume, one of the world’s biggest copper-cobalt mines, in 2016 before raising its holding to 80% last year.

Reuters

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.