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This page was last modified on 20 January 2015, at 18:50.


Based in China
Active in China, Australia
Targeted base metals, energy fuels, precious metals

CITIC Bank (not to be confused with Citigroup) is part of the Chinese CITIC financial services group, based in Hong Kong and claiming to be the largest industrial conglomerate in the territory.

Among its specialities are natural resource investment.

In July 2009 it established a gold linked investment vehicle along with Standard Bank [MJ 24 July 2009].

In early November 2012, CITIC Pacific Ltd started producing iron-ore concentrate from its Aus$7.8 billion Sino iron-ore project in Western Australia.

Described by China Daily as "China’s largest and most ambitious overseas investment in the mining industry", total investment in the project increased to about $8 billion" by mid-July 2013 [China Daily, 16 July 2013].

A year later, two subsidiaries of CITIC acquired a 15% stake (at a cost of Aus$452 million) in the Australian company, Alumina Ltd [MJ 15 February 2013].

In early 2015, Citic announced a possible impairment estimated at US$1.4-1.8 billion, net of tax, in its 2014 accounts, saying:

"A key component for consideration is the current and forecast price of iron ore" , despite Sino Iron, the largest magnetite iron ore development in Australia, having been shipping high-quality iron ore concentrate since the end of 2013 to Citic’s special steel plants and to other steel producers in China [Steel First, 20 January 2015]