CITIC Resources is an integrated provider of strategic natural resources and key commodities with particular focus on the energy sector, i.e. our oil and coal businesses. Through a number of acquisitions in the past few years, the Company and its subsidiaries (collectively the "Group") have succeeded in expanding the business scope and building up a well-established operations in these industries with good partnership and collaboration with leading industry players, both within and outside China.
As the Chinese economy continues to grow and develop, it is expected that domestic demand for virtually all raw materials and natural resources, with energy consumption will follow. We believe CITIC Resources will benefit from the flourishing economy in the long run with full support from its ultimate parent, CITIC Group which has designated the Company as the principal holding company for its natural resources sector.
Leveraging also on the Group’s emphasis on both natural resources investment and commodity marketing capacity, we shall strive to serve as a long term partner for both our customers and suppliers.
Our key focus going forward is to boost the development capability, profitability and risk resistance of its businesses while leveraging both on its parent's unique position in the Chinese business world and on its witnessed abilities to further increase market penetration and strive for competitiveness. In a nutshell, we shall continuously strengthen our core business and identify new investment opportunities with a view to further enhancing the profitability and maximizing our shareholders’ value
Our businesses and interests in natural resources currently include:
- the Portland Aluminium Smelter, in which the Company has an indirect participating interests of 22.5%, being one of the largest and most efficient aluminium smelting operations in the world,
- the Coppabella and Moorvale coal mines in Queensland, in which the Company has an indirect participating interests of 7%, which is one of only five producers of low-volatile "Pulverised Coal Injection" coal in Australia,
- CITIC Australia Trading Pty Limited, an indirect wholly owned subsidiary of the Company, which is involved in the import and export of bulk commodities,
- CITIC Seram Energy Limited, an indirect wholly-owned subsidiary of the Company, which is the operator responsible for managing and operating exploration and development at the Seram Island Non-Bula Block,
- Tincy Group Energy Resources Limited, a 90%-owned subsidiary of CITIC Haiyue Energy Limited, which is in turn an indirect wholly-owned subsidiary of the Company, holds the right to explore, develop and operate the oilfield in the Hainan – Yuedong Block,
- CITIC Oil & Gas Holdings Limited, an indirect wholly-owned subsidiary of the Company, owns 50% interest of JSC Karazhanbasmunai which is engaged in the development, production and sale of oil and holds the right to explore, develop, produce and sell oil from the Karazhanbas oilfield, and
- CITIC Dameng Holdings Limited, an associate of the Company, which is in charge of the operation of manganese mining and the sale of refined manganese products in the People's Republic of China as well as the exploration of manganese mining in Gabon, Western Africa.
Updated: 14 December 2011
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