CITIC focuses on manganese with new JV

Wednesday, 03 August 2005 14:55:38 (GMT+3)   |  
       

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.

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