HONG KONG -- Chinese conglomerate Citic may have to suspend an Australian iron ore project, Chairman Chang Zhenming told reporters Tuesday.
Citic is embroiled in a court case over royalty payments with Australian resource developer Mineralogy, from which the Chinese company acquired the rights to a major magnetite mine in 2006. Commercial production started in 2016, but a loss in court could spur Citic to halt the project. "The potential risk is real," Chang said.
