company update - it's starting, page-19

Here is a quick selection of some of the search results. Mixed I'd say. A lot of experience and good CITIC connections who are one of VDM's big customers, but on the downside he wasn't able to do much about the cost blow outs at Sino-Iron.

"THE man formerly in charge of Citic Pacific's over-budget and behind-schedule Sino Iron project in Western Australia has surprisingly emerged as a white knight for embattled mining services player VDM Group."

"During the past 20 years, Dr. Hua has held executive management positions in international projects in the PRC, the Philippines, Pakistan, Angola and Algeria. He has experience in project management, FIDIC contract management, and cost and risk management."

"The Chinese director of a major WA iron ore project has been forced to apologise to the local workforce after he was quoted in China's media attacking Australian workers and work practices.

In the article, CITIC Pacific Mining chairman Dongyi Hua complains that Australian workers do not have the "loyalty and sense of responsibility existing in many Chinese enterprises" and says local managers put their hands out for bonuses even when projects are suffering cost overruns and time delays."

"THE cost of building China Inc's first iron ore mine in Australia has blown out to a staggering $US8 billion ($7.7bn) -- more than triple the original $US2.5bn budget -- but the developer says the disastrous project will finally enter production within weeks.

The Sino Iron project in the Pilbara, China's largest investment in the Australian mining sector, is touted as the biggest magnetite project in the world."