From Bloomie:
Citic Ltd. said it will probably announce a writedown of $1.5 billion to $1.7 billion to reflect the declining value of its Sino Iron project in Australia.
…The Hong Kong-based company said construction of the final two processing lines at the project is expected to be completed on schedule, with lines five and six targeted to begin in the first half of this year.
“This will mark the end of the main construction task, with our focus now turning to optimizing production and ensuring the smooth performance of the fully integrated mining, processing and export operation,” Citic said in the statement.
At peak output it will produce 28mt.
