Citic held 17.66% of Macarthur before increasing its stake. The group is one of several international stakeholders in the coal company, including South Korean steelmaker Posco and India’s ArcelorMittal.

Macarthur Coal chairman Keith De Lacy approved of Citic’s move.

“Citic has been a cornerstone shareholder of Macarthur Coal since we listed in 2001 and a joint venture partner for more than 10 years,” De Lacy said in a statement.

“We have worked well together. We look forward to Citic’s increased investment and continued support as we focus on growing the business and continuing to deliver increased value to all shareholders.”