SINGAPORE — China’s state-owned Citic Group Corp. has taken a 13.04-percent stake in Australia’s Alumina Ltd. for Australian $452 million ($467.3 million), according to a regulatory filing with the Australian Securities Exchange.

Citic will subscribe to about 366 million ordinary shares at A$1.235 per share via a share placement, representing a premium of about 3 percent to Alumina’s Feb. 13 closing price.

The funds raised will be used primarily to repay bank debt.

The placement has been approved by Australian treasurer Wayne Swan, China’s National Development and Reform Commission and other Chinese regulatory authorities.

A version of this article was first published by AMM sister publication Metal Bulletin.