CITIC Pacific boss resigns

Managing director of CITIC Pacific, Barry Fitzgerald, has resigned.

CITIC Pacific managing director Barry Fitzgerald has resigned following the $1 billion blow out at its Sino Iron Ore mine.

Less than a week ago, the miner revealed the development cost for the mine had increased by US$1.7 billion.

Following this, Fitzgerald announced his resignation and his decision to take up a role with another mining company.

Fitzgerald will officially leave the position at the end of the week.

CITIC executive chairman Dongyi Hua will undertake Fitzgerald’s position while the search for a new managing director is conducted.

“Barry has made a large contribution to (CITIC) over the past three and a half years – from the early days when there was only an exploration camp at Cape Preston, to the present where the project is taking impressive shape as the first large-scale magnetite development in Western Australia,” Hua said.

The iron ore mine’s current valuation stands at US$5.2 billion.

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