Citic Pacific Delays Iron Ore Shipment From Australian Project
Citic Pacific Ltd., an arm of China’s biggest state-owned investment company, said iron ore exports from its Australian project will begin in the “latter” part of the year, a delay from a previous plan.
The operation components for the first production line should be ready by the end of July, the company said today in a statement to the Hong Kong stock exchange.
Citic Pacific, building a 28 million-metric-ton iron ore project in Australia’s Pilbara region, in August said it planned to start shipping concentrate from the mine in the first half of 2011. The mine had suffered from cost overrun, with the company in May saying building costs jumped by $835 million.
“Export of iron ore is expected towards the latter part of the year,” the company said today. Executives met with contractors and suppliers last week, where they all “expressed strong commitment to put all necessary resources into the project to enable the start of operation according to plan.”
--Helen Yuan. Editor: Tan Hwee Ann
To contact the Bloomberg News staff on this story Helen Yuan in Shanghai at hyuan@bloomberg.net
To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net.
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