CITIC Resources plans to spin off manganese unit

CITIC Resources Holdings, a unit of state-owned CITIC Group, will spin off its manganese unit, the South China Morning Post reported. The company has submitted an application to the Hong Kong stock exchange to list CITIC Dameng Holdings on the main board. CITIC Resources owns 80% of CITIC Dameng. CITIC Group owns the remaining 20%. The listing would allow CITIC Resources to raise new funds, broaden Dameng’s capital base and build a separate management team for Dameng, the paper said. CITIC Resources did not offer a size of the potential listing or say when it might take place. Previous reports had estimated that a listing could raise as much as US$800 million and take place by the end of the year.