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[Ferro-alloys.com]On February 12th, CITIC Dameng Mining Industries Ltd (CITIC Dameng) issued its 2014 financial report. According to the report, annual turnover was HKD 3.195 billion (USD 0.4122 billion) in 2014, up 9.6% year-on-year. After-tax loss was HKD 82.7 million, down 74% year-on-year.

In 2014, China’s economic growth slowed down. Investment on real estate & infrastructure declined and steel demand growth slowed. In the past few years, China’s EMM manufactures expanded recklessly and EMM market was faced with severe overcapacity in 2014. Competition became more and more fierce and EMM price continued to drop.

Faced with continuous unstable economic environment at home and abroad as well as intense competition, CITIC Dameng deepened reform, innovated development, reduced cost, increased efficiency and maintained steady development. Relying on abundant mineral resource, its performance was significantly improved.

CITIC Dameng is the second largest EMM manufacturer of China, headquartered in Nanning， Guangxi Autonomous Region. In November 2010，CITIC Dameng got listed successfully on the main board of Hong Kong Stock Exchange( its stock code was 01091.HK) . It was China’s first manganese resource enterprise listed in Hong Kong and Guangxi’s first state-owned enterprise listed in Hong Kong.

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• [Editor:Mike.zhang]