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.
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. 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. The goal at the time of the deal was to expand annual production at the Uzbek mine to 300,000 ounces.
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.
References
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"Oxus Gold to get $185 mln from Chinese investors". Reuters. January 7, 2010. Archived from the original on March 7, 2016. https://web.archive.org/web/20160307042500/http://in.reuters.com/article/oxusgold-idINSGE6060GQ20100107 ↩
Jessica Seah (January 19, 2010). "Firms facilitate debut investment into Uzbekistan". Asia Legal Business. Archived from the original on December 6, 2010. https://web.archive.org/web/20101206164255/http://asia.legalbusinessonline.com/law-firms/firms-facilitate-debut-investment-into-uzbekistan/1140/39770 ↩
"Oxus Gold to get $185 mln from Chinese investors". Reuters. January 7, 2010. Archived from the original on March 7, 2016. https://web.archive.org/web/20160307042500/http://in.reuters.com/article/oxusgold-idINSGE6060GQ20100107 ↩
"Oxus Gold to get $185 mln from Chinese investors". Reuters. January 7, 2010. Archived from the original on March 7, 2016. https://web.archive.org/web/20160307042500/http://in.reuters.com/article/oxusgold-idINSGE6060GQ20100107 ↩
"Grupo CITIC da China projecta construir mais de 100 mil casas". Angola Press. 2012-09-19. http://www.portalangop.co.ao/motix/pt_pt/noticias/sociedade/2012/8/38/Grupo-CITIC-China-projecta-construir-mais-100-mil-casas,8e5b54ed-a719-4517-bf1d-2bfc5aba4ecb.html ↩