DBS and CITIC Metal Set Industry Benchmark with First-ever Sustainability-linked PIF Agreement | 繁體
In supporting CITIC Metal’s sustainability roadmap that includes ‘placing a great emphasis on minimising environmental impact and ensuring the well-being of the communities in which it operates’, DBS Hong Kong undertook the initiative to introduce the company to ESG concepts and connect it with the bank’s specialist ESG and Global Transactions Services (“GTS”) teams for consultations.
Through the discussions, a supplier approach was identified to encourage more trading between CITIC Metal and pro-ESG suppliers who are also members of the International Council on Mining and Metals (“ICMM”). In accordance with the council’s dedication to building ‘a safe and sustainable industry’, ICMM members are required to adhere to ten core principles that cover key issues such as human rights, social responsibility, and safeguarding the environment to raise the standards of the sector as a whole.
The PIF agreement is set to further solidify the relationship between DBS Hong Kong and CITIC Metal while demonstrating their ongoing commitment towards a greener future.
Alex Cheung, Managing Director and Head of Institutional Banking Group of DBS Hong Kong, said, “The metal and mining sector is a large contributor to the global economy. As it adapts to a greener world, we are proud to be CITIC Metal’s bank of choice and hope to support it in more sustainability efforts. By setting the benchmark with our first-ever sustainability-linked PIF agreement in the sector, we also look forward to exploring more ESG opportunities together with companies that are on a similar journey.”
Haosheng, Lai, CFO of CITIC Metal, said, “At CITIC Metal, we strive to run our business in a socially responsible manner while creating economic value for our stakeholders. As ESG considerations become more critical to a company’s success and our world in general, we hope to accelerate our efforts to fulfil our commitment. Through this green financing agreement, we are pleased to begin another new chapter with DBS Hong Kong, our long-term banking partner, as we work towards a better future together.”
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About CITIC Metal Company Limited
CITIC Metal Company Limited is wholly owned by CITIC Metal Group Limited, an important subsidiary under CITIC Limited’s Advanced Materials segment. It primarily engages in the trading of metal and mining products and is a leading trader in China. Its major trading products include iron ores, ferrous metals like steel and non-ferrous metals like niobium, copper and aluminium.
The company is the sole distributor of CBMM in China – the world’s largest niobium producer. It formed a joint venture with several large-scale steel corporates in China and acquired 15% interest in CBMM. Company ranks among the top iron ores traders in China with an annual trading volume exceeding 50 million tonnes. The company has established long-term business relationships with world famous miners such as Rio Tinto, BHP, Anglo American, Vale, etc., which helps the Company to secure upstream resources. In terms of downstream sales channel, the Company has coverage in all major ports in China with a strong customer base that comprises of medium-to-large scale steel corporates, including China Baowu Steel Group, Hesteel Group and Shandong Steel etc. Via the company’s 15% stake in Las Bambas and 26.04% stake in Ivanhoe Mines, a Canadian listed company, it gains offtake of these world-class copper resources which further solidifies the company’s competitive advantage in non-ferrous metals trading industry. The company is also an important trader of steel products in China, and has started shipping and special ores trading via its subsidiary in Singapore.