Japanese investor announces write-down on Roy Hill

Another company has revealed pain taken in their involvement with the Roy Hill project, this time Japanese giant Marubeni.

The major investor with a 15 per cent stake in the project has announced a write-down of $235 million or 20 billion Yen on the shareholding, which was valued at $1.8 billion.

Marubeni’s initial investment in 2012 was $1.5 billion for a 12.5 per cent stake in the project, and a year later it took over the 2.5 per cent stake held by Korean STX Corp.

CFO Nobuhiuro Yabe said the writedown was a result of changed commodity price forecasts.

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