CITIC Group, formerly known as China International Trust and Investment Corporation,was established in 1979 by Mr. Rong Yiren with the support of the late prominent Chinese leader Deng Xiaoping. It is a state-owned multinational conglomerate with diversified businesses covering finance, energy and resources, manufacturing, engineering contracting, real estate and others. CITIC Group ranks 115th on Fortune Global 500 in 2021.
In order to coordinate the development of two subsidiaries in resources sector, build a solid platform for mining business and maintain its competitive advantage and market position, CITIC Metal Group Limited, was established through the merger of CITIC Metal Co., Ltd. and CITIC United Asia Investments Limited (“CITIC United Asia”). As the operation center and profit center of CITIC Mineral Resources Sector, CITIC Metal Group Limited provides strong support for CITIC Group to achieve the strategic goal of “balanced development of finance and non-finance”.
CITIC Metal Co., Ltd. (“CITIC Metals” or “the Company”) is a wholly-owned subsidiary of CITIC Metal Group Limited, established in 1988 and registered at 19th Floor, Jingcheng Building, Chaoyang District, Beijing. As a leading trader and investor of metallurgical feedstock and their end products, CITIC Metal specializes in niobium, iron ore, non-ferrous metals, steel etc. Its investment portfolio includes Companhia Brasileira de Metalurgia e Mineracao (CBMM), Las Bambas copper mine, Ivanhoe Mines, Western Superconducting Technologies Co., Ltd. (WST), China Platinum and so on.
CITIC Metal has a registered capital of 4.399 billion yuan. As of December 31, 2020, the total assets of the company are 28.6 billion yuan, and the net assets of the parent company are 9.9 billion yuan. There are 191 employees in total.