Citic Resources Jumps 24% To Near Six-Week High On One-Time Gains

Shares of Citic Resources Holdings Ltd. (1205.HK) jumped as much as 24% to a near six-week high after the unit of Chinese state-owned Citic Group said it expects to book a one-time gain from the sale of its stake in Australia's Macarthur Coal (MCC.AU).

The Hong Kong-listed Chinese energy and base-metal producer said in a statement it would vote its 16.34% shareholding in favor of an offer from Peabody Energy Corp. (BTU) and ArcelorMittal (MT) to buy Australian coking coal miner Macarthur Coal.

Citic Group, which holds a 7.9% stake directly, didn't immediately return a call for comment.

At 0230, Citic Resources' shares jumped 24% to its intraday high of HK$1.03, a near six-week peak since it reached an intraday high of HK$1.07 Sept. 12.

Citic Resources will likely book a one-time gain of about A$398.4 million (US$406.11 million) in 2011 if the buyers boost the offer price for each Macarthur share to A$16.25 per from A$16, it said.

-By Joanne Chiu, Dow Jones Newswires; 852-2802-7002; joanne.chiu@dowjones.com

Citic Resources (PK) (USOTC:CTJHY)
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