October 12, 2008

Citic sells 20% stake in Cape Preston project to CMGC

It is reported that the Hong Kong based Citic, proposing to build an iron ore mine and port at Cape Preston in Western Australia's Pilbara, has sold a 20% stake in the project to its Chinese contractor China Metallurgical Group Corporation.

A spokeswoman for Citic said that the new ownership arrangements would not affect the running of the project by Citic's Perth based subsidiary CP Mining.

China Metallurgical Group Corporation has the main contract to build the multi billion dollar project on Mardie Station.