Citi Pacific was investing in 2006 and had initial budget for US$4.2b, but delays for years and capex are more than double to US$10b, they are talking about to write down US$2.5b now.
Their production cost is well above US$100/t because of overspending and huge capex.
It's a failure of investment. Over US$100/t production cost in Australia!
Lots of Chinese companies have offshore shell companies registered in tax-heaven countries such as Cayman Islands. I won't be surprised there were some Chinese secretly buying Australian miners.
Iron Ore Price, page-2492
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