Chinese energy and base metal producer CITIC Resources Holdings Ltd still plans to spin off CITIC Dameng Holdings Ltd as a separate listing on the Hong Kong Stock Exchange according to a company statement on Thursday.
The move was originally planned by the end of last year, but was delayed due to the economic recession's impact on market performance.
CITIC Resources, along with a subsidiary of CITIC, United Asia Investments Ltd, will provide HK$240 million and HK$60 million of capital respectively to CITIC Dameng. CITIC Resources will have a 52.4% equity interest in CITIC Dameng, up from 48%.
CITIC Dameng has mining rights in one manganese ore mine in China's Guangxi Zhuang Autonomous Region amounting to 120 million metric tons of manganese carbonate, and rights in another mine in Gabon in West Africa amounting to 30 million tons of manganese ore.
Source: China Knowledge
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