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SMH reported an iron ore mine in Australia owned by CITIC Pacific is going to cost $6 billion, about 2.5 billion more than originally estimated.

SMH reported an iron ore mine in Australia owned by CITIC Pacific is going to cost $6 billion, about 2.5 billion more than originally estimated.

As quoted in the market news:

THE biggest Chinese-owned iron ore project in Australia faces another cost blowout, with CITIC Pacific confirming it will pay an additional $822 million to its contractor, China Metallurgical Group, to complete its much-delayed Sino Iron project in Western Australia.

Read more: http://www.smh.com.au/business/china-iron-hit-by-costs-20120105-1pmuz.html#ixzz1icqqLIuT

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