Mr Zhu Hexin is the Chairman of CITIC Limited, China’s largest diversified conglomerate, with businesses including financial services, resources and energy, manufacturing, engineering contracting, real estate and infrastructure.
Listed on the Hong Kong Stock Exchange, we have a long history of investing in Australia. Our biggest venture has been Sino Iron, located within the mineral-rich Pilbara region of Western Australia. Sino Iron also represents China’s largest ever overseas investment in the resources sector. This marvel of mining, engineering and processing culminates in the shipment of high quality magnetite concentrate to CITIC’s special steel plants as well as other steel mills in China.
We’re very proud that Sino Iron has placed CITIC at the forefront of the rapidly-developing socio-economic relationship between Australia and China.
Chinese capital and technical expertise are successfully combining with Australian resources and construction know-how. While we’re still on the path to full production, the economic benefits are already flowing strongly to Australia and the Western Australian community, through thousands of direct and indirect jobs, royalties and government revenue.
With the cooperation of our key stakeholders, the benefits of this pioneering project will be enjoyed by all for decades to come.
Message from Mr Chen Zeng, Chairman and CEO of CITIC Pacific and CITIC Pacific Mining
In just over a decade, Sino Iron has transformed from a greenfields location on the Pilbara coast to a fully integrated, pit-to-port magnetite mining, processing and export mega-project. Today we proudly stand as the world's largest seaborne supplier of magnetite concentrate to China - pioneering a new downstream processing industry for Western Australia.
Sino Iron is a truly breathtaking resources operation. From the enormous open mine pit to the immense superstructure which houses the six processing lines, as well as the sophisticated supporting infrastructure, one cannot help but be impressed by the project’s sheer scale and integrated nature.
Our high-grade, low impurity product is gaining favour among steelmakers. One of the great advantages of Cape Preston magnetite concentrate is that less energy is required across the steel production cycle. With Chinese steel mills seeking to lower their carbon emissions, our product will play an increasingly important role in improving environmental outcomes for all of us.
The focus for us is to continue to increase production levels and optimise the mining, processing, product loading and water/energy supply systems.
We have made a significant investment in downstream processing and associated infrastructure to unlock the long-term value from this very large magnetite resource. Our challenge is to now ensure Sino Iron reaches its full potential.
To find out more about CITIC Limited visit www.citic.com.