The board of Brazilian metals group Paranapanema approved a 245mn-real (US$102mn) capital increase through the issue of 53.8mn common shares, the company reported.
The increase brings Paranapanema's total capitalization to 2.07bn reais, taking into account its roughly 313mn common shares and 993,865 preferred ones.
In late November Paranapanema said it was close to paying off all its outstanding debt and was in a position to start expansions.
Among its projects, the company is spending 76mn reais to expand capacity at its Caraíba copper refiner to 270,000t/y from the current 220,000t/y. Completion is expected for end-2009.
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