CITIC_Construction

CITIC Construction

CITIC Construction

Chinese CITIC group's construction and engineering subsidiary

CITIC Construction is the construction and engineering subsidiary of the CITIC Group, a Chinese state-owned conglomerate. With US$2.73 billion in revenue in 2011, the company is ranked among the 100 largest construction companies in the world.[1]

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CITIC Construction in 2010 formed a consortium with zinc producer Baiyin Non-Ferrous Group to make an equity investment of $185 million in Oxus Gold, a gold miner with assets in Central Asia.[2][3] The financing deal gave the consortium a 59.7% stake in the company which had planned to use the funds to develop the Amantaytau Goldfields, an asset it held 50% of the ownership to in Uzbekistan.[2] The goal at the time of the deal was to expand annual production at the Uzbek mine to 300,000 ounces.[2]

On a two-day visit to Angola in 2012, Chang Zhenming head of the CITIC Group announced that the company was halfway through completing a plan to build 100,000 homes across 10 provinces in the country.[4]

References

  1. [1]
    "Top 225 Global Contractors". Engineering News-Record.
  2. [2]
    "Oxus Gold to get $185 mln from Chinese investors". Reuters. January 7, 2010.
  3. [3]
    Jessica Seah (January 19, 2010). "Firms facilitate debut investment into Uzbekistan". Asia Legal Business. Archived from the original on December 6, 2010.
  4. [4]
    "Grupo CITIC da China projecta construir mais de 100 mil casas". Angola Press. 2012-09-19.
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