MCC Contributes $858M After Citic Mine Construction Cost Blow Out

Bloomberg reported that Metallurgical Corp. of China Ltd (MCC), which is the contractor for the world’s biggest magnetite iron ore mine,  Sino Iron, owned by Citic Pacific Ltd. agreed to give $858 million after the construction cost of the said mine increased fourfold.

As quoted in the market news:

Citic Pacific and Metallurgical, known as MCC, have been in dispute over delays and cost increases at Sino Iron, with Citic announcing last year a more than fourfold blowout to the budget to $8 billion.

Click here to read the full Bloomberg report.