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.
