OREANDA-NEWS. February 20, 2013. CITIC Resources Holdings Limited (“CITIC Resources” or the “Company”) (HKEx stock code: 1205) announced that CITIC Resources Australia Pty Limited ("CRA"), its indirect wholly-owned subsidiary, has entered into the subscription agreement pursuant to which CRA has agreed to subscribe for 219,617,657 ordinary shares of Alumina Limited ("Alumina") for an aggregate subscription price of approximately HKD 2.2 billion (AUD271 million), which represents a premium of 2.9% to the closing price of AUD 1.200 (HKD 9.720) per Alumina share as quoted on the ASX on the Last ASX Trading Day, reported the press-centre of CITIC Resources. 

Following completion of the subscription, CRA will hold 7.826% of all Alumina shares in issue.
Contemporaneously CITIC Group, through a wholly-owned subsidiary, will subscribe for 146,411,771 Alumina shares representing 5.217% of all Alumina shares in issue post placement.

Together, CITIC Resources and CITIC Group will hold 13.043% of all Alumina shares in issue post placement.

Mr. Zeng Chen, Vice Chairman and Chief Executive Officer of the Group, commented: “The Company is a diversified energy and natural resources investment company with existing investment in the aluminium sector, so today’s investment in Alumina is a natural progression of
our strategy. The subscription provides us with the opportunity to invest in one of Australia’s leading companies with a world-class global portfolio of upstream mining and refining operations in the aluminium sector. We are also very pleased to note that CITIC Group has also agreed to invest in Alumina, which demonstrates strong support to the Company’s investment and affirmation of our strategy from our largest shareholder.”

The Alumina board of directors intends to enlarge its board by appointing Mr. Zeng as a director. Following appointment, Mr. Zeng would be subject to election at Alumina's Annual General Meeting in May 2013.

Alumina is a leading Australian company listed on the ASX and the NYSE. Its strategy is to invest in bauxite mining, alumina refining and selected aluminium smelting operations world-wide, through its 40% ownership of Alcoa World Alumina and Chemicals (AWAC), the world's largest alumina producer.