Australia's Sino Iron concentrate project may take $1 bil hit: Citic

摘要

Citic Limited, a Chinese-ownedresources conglomerate, said it expects totake an impairment charge of $800 million-$1billion in its full-year 2017 accounts fromits Sino Iron concentrate iron ore project inWestern Australia.Impairment is a non-cash accountingitem, but the charge is expected to reduce thecompany's 2017 reported profits, Citic said in anotice dated Sunday.