CITIC Resources

CITIC Resources's theme is one that has captured the attention and curiosity of many people over the years. It is a topic that has generated debate, discussion and reflection in various spheres of society. From the academic field to the popular field, CITIC Resources has been the object of study, analysis and exploration. As society advances and evolves, the interest and relevance of CITIC Resources continues to constantly change, expanding into new areas and raising new questions. In this article, we will thoroughly explore the importance and impact of CITIC Resources in different contexts, as well as its influence on our daily lives.

CITIC Resources Holdings Limited
中信资源控股有限公司
Company typeState-owned enterprise (Red chip)
SEHK: 1205
IndustryNatural resources
Founded1997
Headquarters
Hong Kong
,
People's Republic of China
Area served
People's Republic of China and international
Key people
Mi Zengxin (Chairman)
ParentCITIC Group
Websiteresources.citic

CITIC Resources Holdings Limited (Chinese: 中信资源控股有限公司; pinyin: Zhōngxìn Zīyuán Kònggǔ Yǒuxiàn Gōngsī) is a Hong Kong-based natural resources company and a red chip subsidiary of the CITIC Group, one of China's largest state-owned conglomerates. Established in 1997, the company has evolved from a metals trading firm into a vertically integrated natural resources enterprise engaged in oil, coal, aluminum, and commodities trading.[1]

Corporate affairs

CITIC Resources is majority-owned by CITIC Limited, which holds approximately 59.5% of its shares.[2] As a red chip company, it operates with Chinese state backing but is incorporated and listed in Hong Kong. The company’s chairman is Mi Zengxin.

The company is listed on the Hong Kong Stock Exchange under stock code SEHK: 1205.

History

In 2007, CITIC Resources acquired oil assets in Kazakhstan and Northeast China from its parent, CITIC Group, for US$1.15 billion.[3] This strategic shift transformed the company from a metals-focused entity into an energy producer. CITIC Resources has since positioned itself as one of the leading Chinese oil producers after PetroChina, Sinopec, and CNOOC.

Operations

Crude oil

CITIC Resources holds upstream oil assets in:

  • Kazakhstan – Operator of the Karazhanbas Oilfield onshore in the Caspian Basin.
  • Indonesia – Participates in the Seram Block located in eastern Indonesia.
  • China – Operates the Yuedong Oilfield in Liaoning Province through its majority interest in Tincy Group Energy.

These projects provide steady oil production and contribute a major share of the company’s revenue.[4]

Coal

The company holds stakes in several coal operations:

  • Xin Julong Coal Mine (Shandong, China) – A 30% stake in a major Chinese coal mine.
  • Coppabella and Moorvale Mines (Australia) – Investments through the Macarthur Coal Joint Venture, specializing in metallurgical coal used for steelmaking.[5]

Aluminum

CITIC Resources is a joint venture participant in the:

  • Portland Aluminum Smelter (Victoria, Australia) – One of the largest aluminum smelting facilities in the Southern Hemisphere, producing ingots for regional and global markets.[6]

Commodities trading

The company remains active in:

  • Trading of base and precious metals
  • Import/export of bulk resources including bauxite, alumina, and oil products
  • Logistics and distribution support for raw materials across Asia-Pacific[7]

References

  1. ^ "Corporate Profile". CITIC Resources Holdings Limited. Retrieved 2025-04-12.
  2. ^ "Annual Report 2023" (PDF). HKEX. Retrieved 2025-04-12.
  3. ^ "Citic Resources to buy oil fields from parent company". The New York Times. 2007-05-09. Retrieved 2025-04-12.
  4. ^ "Oil Business Overview". CITIC Resources. Retrieved 2025-04-12.
  5. ^ "Coal Business Overview". CITIC Resources. Retrieved 2025-04-12.
  6. ^ "Aluminum Business". CITIC Resources. Retrieved 2025-04-12.
  7. ^ "Commodities Trading". CITIC Resources. Retrieved 2025-04-12.
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