CITIC Resources files lawsuit against Qingdao port operator

CITIC Resources files lawsuit against Qingdao port operator

Dalian: Hong Kong-listed CITIC Resources Group announced today that it has filed a claim in Qingdao Maritime Court against the operator of the bonded warehouse at Qingdao port, requiring the operator to confirm the group’s ownership of the alumina and copper held by the operator, and to release and deliver all such alumina and the copper to the group or to compensate appropriately.

CITIC Resources said last month it had been unable to secure around 120,000 tonnes of alumina, more than half of the alumina stocks it had title to stored at the port pending payment by buyers and delivery.

“Until the status of the investigation is clarified and the group has conducted its own investigation, the company is not able to accurately assess the impact on the Group’s alumina and copper stored at Qingdao port or on the Group itself,” CITIC Resources said in the announcement. [08/07/14]

 

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