China Molybdenum Co Ltd, China’s largest manufacturer of the soft metal widely used in industry, has revealed plans to raise as much as 18 billion yuan ($2.8 billion) via a share placement.

The company has newly announced two overseas acquisitions worth a combined $4.15 billion by its wholly owned offshoot CMOC Limited. It had previously said the purchases were to be funded with cash and undrawn credit facilities, based on CMOC's existing resources.

The company will become the world 's largest molybdenum, tungsten, and cobalt producer after the acquisition is completed. It will also become the second largest niobium producer and the largest phosphate fertilizer producer in Brazil and one of the most important copper producer.