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.

Kristie Batten

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.