PERTH (miningweekly.com) – Chinese major CITIC has reported a HK$13.7-billion noncash impairment on the Sino iron-ore project, in Western Australia, during the full year ended December.
As a result, the miner reported a drop in profit attributable to shareholders from HK$48.4-billion to HK$39.8-billion.
CITIC had previously warned that the falling iron-ore price would have a negative impact on the carrying value of the $9.6-billion Sino project, which started iron-ore exports some three years behind schedule, and was yet to meet its 24-million-tonne-a-year planned capacity.