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The Group has broadened its business scope and positioned itself as an integrated provider of key natural resources with a particular focus in the oil business. Through a number of recent acquisitions, the Company has increased its exposure to well-established operations in these industries and is collaborating with leading industry players both inside and outside China.
As the Chinese economy continues to bloom, it is expected that domestic demand for virtually all raw materials and energy consumption will follow. We believe that the Company will benefit from the booming economy, and further enhance profitability and maximize shareholder value, by continuously upholding oil business as its core business and identifying new investment opportunities.
The Company's new business focus is supported by its ultimate parent, CITIC Group, Beijing, which has designated the Company as the principal holding company for its entire group's business in the natural resources sector. CITIC Group indirectly holds over 52% of the Company.
CITIC Group is the first commercial venture formed under a direct mandate from the post-1949 government in China. It has since evolved into a powerful commercial force in the country and dominates many industries in the domestic market.
The Company's 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.
The Company's businesses and interests in natural resources include:
- the Portland Aluminium Smelter, one of the largest and most efficient aluminium smelting operations in the world,
- the Coppabella and Moorvale coal mines in Queensland, which
is one of only five producers of low-volatile "Pulverised
Coal Injection" coal in Australia,
- Macarthur Coal Limited, and CITIC Australia Trading Limited which are involved in coal mining, mineral exploration and commodities trading respectively and are listed on the Australian Stock Exchange,
- CITIC Seram Energy Limited, a 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 wholly-owned subsidiary of Far Great Investments Ltd, which is the contractor who holds the right to explore, develop and operate the oilfield in the Hainan – Yuedong Block, and
- CITIC Canada Energy Limited, a wholly-owned subsidiary of CITIC Group, which has the right to develop and produce oil at the Karazhanbas oilfield.
The above interests have been acquired since March 2004 and underscore the intent of the Company to
be a strategic procurer of natural resources for China.
(28 May 2008)
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