Citic Pacific are also fans of CDU-style accounting!
http://www.copyright link/business/...battling-on-us12-billion-mine-20151005-gk1as7
Citic did not disclose the $US3.1 billion capital injection it made on April 1 until last month. It follows a $US2 billion capital issue last year.
The position would be worse, but Sino Iron – which has been shipping magnetite ore from Port Preston since January 2014 with two production lines operational – continues to capitalise costs on the project.
This includes capitalising the income: proceeds from the ore sales are not reported as income nor in operating cash flow, with the sales revenue instead booked directly against capital outlays.
Sino Iron's four remaining operating lines are due to come onstream by the end of next year, which means that Citic is unlikely to disclose its full-year operating losses until it reports on its 2017 year. This would be in early 2018, four years after commercial shipments began.
