Citic sells stake in Cape Preston project Posted August 27, 2007 11:38:00
Map: Mardie 6714 The Hong Kong company proposing to build an iron ore mine and port at Cape Preston in Western Australia's Pilbara has sold a 20 per cent stake in the project to its Chinese contractor.
Citic Pacific sold the equity to the construction company China Metallurgical Group Corporation which has the main contract to build the multi-billion dollar project on Mardie Station.
A spokeswoman for Citic says the new ownership arrangements will not affect the running of the project by Citic's Perth-based subsidiary CP Mining.
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