CITIC Provides Update on Sino Iron Ore Project

CITIC Ltd. (HKEX:0267) announced that it has been forced to write down the value of its Sino iron ore project by $1.8 billion due the falling price of iron ore.

As quoted in the press release:

The directors wish to inform investors that based on current information an estimated impairment of USD 1.4 billion to USD 1.8 billion (net of tax) is likely to be made in the 2014 accounts.  When finalizing CITIC Limited’s 2014 accounts, the directors will pay special attention to the value of this asset.

Click here for the full CITIC Ltd. (HKEX:0267) press release