further chinese commitment to buga project

The development of the second project is subject to the approval of both the CITIC shareholders and the Treasurer of Australia.
CITIC recently announced that with the development of the second project the general Contract sum for the construction contract, entered into with China Metallurgical Group Corp (MCC) to design, construct and install infrastructure, will be US$1,750 million.
They also confirmed that it has entered into a Sale and Purchase Agreement with MCC whereby MCC will acquire 20 per cent of CITIC’s interest in their Projects.