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ECONOMY

Citic Writes Down up to $1 Billion on Australian Iron Ore Project

By Cao Wenjiao and Denise Jia

(Beijing) - One of China’s largest overseas investments in the mining sector is costing Citic Ltd. more major losses due to weakness in global commodities markets, although smaller than previous years as demand firms.

The Hong Kong-listed unit of state-owned conglomerate Citic Group said it would write down $800 million to $1 billion on the value of its Sino Iron project in Australia for the financial year ended March, according to a statement on Wednesday. That was down from impairments of over $1.5 billion in 2015 and $1.4 billion in 2014.

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