China International Trust and Investment Corporation

…mines to the Chinese-government-owned corporation CITIC Ltd. (formerly CITIC Pacific). The deal, which was initially worth nearly $3 billion (Australian), included future royalties on any ore produced. Mineralogy further acquired coal mines in 2008 and a nickel and cobalt refinery in 2009. Critics alleged that Palmer’s mines contained only low-grade…

…(in 1979) and president of China International Trust and Investment Corporation (CITIC), China’s largest investment company at the time, and later (1993–98) was vice president of China.