Glencore Unit Takes $192.5 Million Writedown on Iron Ore Project
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Sphere Minerals Ltd., controlled by Glencore Plc, took a $192.5 million writedown on its Askaf iron ore project in Africa, saying plunging prices made it unprofitable to develop.
Work on the $900 million project was slowed in October, after development was approved in April last year. Askaf North had been expected to begin output in early 2017 and was forecast to yield about 7.5 million metric tons a year, once developed.