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CITIC warns of Sino Iron impairment

Chinese conglomerate CITIC (HK:267) has warned it will have to write down its troubled Sino Iron project in Western Australia by up to US$1 billion.

CITIC warns of Sino Iron impairment CITIC warns of Sino Iron impairment CITIC warns of Sino Iron impairment CITIC warns of Sino Iron impairment CITIC warns of Sino Iron impairment

The Sino Iron magnetite mine in WA is under threat of suspension

The Hong Kong-listed company said the estimated impairment of US$800 million to US$1 billion was the result of a review of carrying values.