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Stock Quote HKEx Stock Code: 01205
Manganese

The entry into the Chinese manganese market in Guangxi enables the Company to own the largest manganese mines in China. In August 2005, the Company through its non-wholly-owned subsidiary, CITIC Dameng Investments Limited (CITIC Dameng), formed a sino-foreign equity joint venture with Guangxi Dameng Manganese Industries Co., Ltd (Guangxi Dameng), namely CITIC Dameng Mining Industries Limited (CITIC Dameng Mining). CITIC Dameng Mining was owned as to 34.5% by Guangxi Dameng and as to 65.5% by CITIC Dameng. The registered capital of the joint venture amounted to Rmb579.7m. CITIC Dameng was ultimately owned as to 80% by the Company and as to 20% by CITIC United Asia, which was a wholly-owned subsidiary of CITIC Group. The Company ultimately owned 52.4% stake in CITIC Dameng Mining.

In August 2010, the Company proposed the corporate resturcturing to take place in the manganese business. The corporate restructuring has been completed in Oct 2010. CITIC Dameng Mining becomes a wholly-owned subsidiary of CITIC Dameng, which is in turn a wholly-owned subsidiary of CITIC Dameng Holdings Limited (CITIC Dameng Holdings). CITIC Dameng Holdings is owned as to 52.4% by the Company, as to 13.1% by CITIC United Asia and as to 34.5% by Guangxi Dameng respectively.

On 18 November 2010, the spin-off and separate listing of CITIC Dameng Holdings has been completed. Dealings in the shares of CITIC Dameng Holdings commenced on the Main Board of the Stock Exchange of Hong Kong.

In June 2015, CITIC Dameng Holdings issued new shares under a share placement. In July 2015, CITIC Dameng Holdings issued shares as consideration for the purchase of shares of China Polymetallic Mining Limited. The Company currently owns 34.39% interest of CITIC Dameng Holdings.

CITIC Dameng Mining possesses abundant manganese resources, and is a major electrolytic manganese metal (EMM) producer in China. Two operating mines in Guangxi owned by CITIC Dameng Mining, namely Daxin Mine and Tiandeng Mine, have manganese resources that account for about 22% of the total manganese resources at China in accordance with the Chinese Standard. In addition, CITIC Dameng Mining owns the exploration and mining rights to Montbeli Manganese Mine in Gabon through its 51% interest of shareholding in Compagnie Industrielle. Montbeli Manganese Mine is one of the largest high-grade manganese oxide mines in the world and currently undergoing the process of construction and development.

The manganese processing facilities in the PRC are all located either on-site or near Daxin Mine and Tiandeng Mine, which allows efficient and cost-effective on-site operations from an economic point of view. Facilities associated with Daxin Mine include Daxin Concentrating Plant, Daxin Grinding Plant, Daxin EMM Plant, Start EMM Plant, Daxin Manganese Sulfate Plant, Daxin EMD Plant and Dabao Ferroalloy Plant. Facilities associated with Tiandeng Mine include Tiandeng Concentration Plant and Tiandeng Ferroalloy Plant. The non-manganese ferroalloy processing operations are performed at Guixin Ferroalloy Plant, which is located near Qinzhou Harbour. CITIC Dameng Mining is currently constructing an on-site Gabon Concentrating Plant for Montbeli Manganese Mine.

The business of CITIC Dameng Mining can be divided into the following four segments:

  • Manganese mining and ore processing, production of manganese concentrate and natural discharging manganese;
  • Manganese downstream processing, production of EMM, manganese sulfate, silicomanganese alloy and EMD;
  • Non-manganese ferroalloy processing, production of non-manganese ferroalloys, including high carbon ferrochromium; and

  • Trading of various commodities such as manganese ore, EMM, chromium ore and sulfur.

Abundant manganese resources and large-scale operations offer competitive advantages for the manganese business of the Group. The Group benefits from economies of scale in terms of production and sales, and is able to maintain high product quality and stable product supply. The Group will continue to expand the manganese business by installing more production facilities and improving production capacity, which will further enhance the competitiveness of the Group in the manganese business and increase the profit attributable to the Group.


Updated: 28 April 2017

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