Forge to lose $290 million
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China-controlled MMG has paused work on its $US1.5 billion ($1.58 billion) Dugald River zinc project in Queensland in a move that will cost Forge Group $290 million, The Australian Financial Review reports.
According to the newspaper, the decision was made following problems in the ore body dicovered by MMG.
“To focus resources on the mine method review and manage short-term capital expenditure, [MMG] has decided to suspend most earthworks at the project site,” the company said.
“This includes ongoing engineering, procurement and construction of the processing facility for the Dugald River project.”
The annoucement follows a speech by former WMC boss Andrew Michelmore that called on the Abbott government to overhaul its foreign investment review policies.
The AFR reports that Forge believes the cessation of work will have a “minimal impact” on the company's reveneue and earnings in the current financial year with most work due to be start in the 2014-15 financial year.
Forge Group is part of the Uncapped 100.
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