CITIC Resources
| Company type | Public |
|---|---|
| Industry | Natural resources |
| Founded | 1997 |
| Headquarters | Hong Kong , China |
Key people | Mi Zengxin (Chairman) |
| Products | Oil, coal, aluminum, commodity trading |
| Owner | CITIC Limited (59.5%) |
CITIC Resources Holdings Limited () is a natural resources enterprise headquartered in Hong Kong and functions as a red chip affiliate of CITIC Group, one of the largest state-owned conglomerates in China. Established in 1997, the company transitioned from a focus on metals trading to becoming a fully integrated firm involved in oil, coal, aluminum, and commodity trading.
Corporate affairs
The majority stake in CITIC Resources is held by CITIC Limited, which owns approximately 59.5% of the shares. As a red chip entity, it benefits from Chinese government support while being incorporated and publicly traded in Hong Kong. The chairman leading the company is Mi Zengxin.
Its shares are traded on the Hong Kong Stock Exchange under the stock code .
History
In 2007, CITIC Resources purchased oil assets located in Kazakhstan and Northeast China from its parent company for US$1.15 billion, marking a strategic shift from metals towards energy production. Since then, it has grown to become one of China’s top oil producers, ranking just behind PetroChina, Sinopec, and CNOOC.
Crude oil
The company’s upstream portfolio includes:
- Kazakhstan – Management of the Karazhanbas Oilfield, situated within the Caspian Basin.
- Indonesia – Involvement in the Seram Block located in eastern Indonesia.
- China – Control over the Yuedong Oilfield in Liaoning Province through majority ownership of Tincy Group Energy.
These assets play a vital role in generating the company's revenue.
Coal
CITIC Resources holds interests in:
- Xin Julong Coal Mine (Shandong Province, China) with a 30% share.
- Coppabella and Moorvale Mines (Australia), accessed via the Macarthur Coal Joint Venture, focusing on metallurgical coal used in steel manufacturing.
Aluminum
The company is engaged with the Portland Aluminum Smelter in Victoria, Australia, recognized as one of the largest aluminum smelting plants in the Southern Hemisphere, producing ingots for both regional and international markets.
Commodities trading
CITIC Resources actively trades both base and precious metals, oversees the import and export of bulk commodities such as bauxite, alumina, and petroleum products, and offers logistics plus distribution services for raw materials throughout the Asia-Pacific region.