CITIC focuses on manganese with new JV
CITIC Dameng, a subsidiary of
China's state-owned energy and base metals company CITIC Resources Ltd., announced yesterday that it had agreed to undertake a joint venture with Guangxi Dameng to establish a manganese mining operation in the city of Chongzuo in
China's Guangxi province.
The joint venture will be named CITIC Dameng Mining Industries Limited, and it will be a subsidiary of CITIC Resources. Of the RMB 800 million (about $100 million) planned investment, CITIC Dameng will contribute 60 percent and Guangxi Dameng will pick up the remainder.
The joint venture is a part of CITIC Resources' goal to become a major player in the global manganese trade.
Last year, global manganese ore
production increased 19% year on year to 29 million metric tons due to high demand from
China's steel industry.