CITIC Group

China-based Citic Group has posted a big slide in full-year profit to $HK39.8 billion ($6.5 billion) for 2014, on the back of a $2.2 billion impairment charge on its Sino Iron project in the Pilbara.

The falling price of iron ore is putting substantial pressure on local miners, particularly small and mid-sized players, but the price of the bulk commodity is still well above levels achieved just more than a decade ago.

China-based Citic Group has flagged a $US1.4 billion to $US1.8 billion impairment at its Sino Iron magnetite project in the Pilbara as a result of the falling value of iron ore.

Continued growth of the Pilbara as an export-focused iron ore province received a huge boost today when Chinese steel giant Baosteel and Australian railway operator Aurizon teamed up to bid for the Perth company behind a $6 billion port and rail project.

Less than three weeks after announcing it had secured $US6.47 billion ($6.89 billion) in equity funding to construct a port and rail network at Oakajee, junior explorer Padbury Mining says the deal is now dead.

Padbury Mining has sought another extension to its suspension from trading, saying it needs more information from its mystery backer to determine whether they have the capacity to provide a massive $US6.47 billion ($6.89 billion) funding deal to construct a port and rail network at Oakajee.

Finally, after decades of dithering and empty promises there is hope the ambitious Oakajee port and rail plan in the Mid West will move beyond the drawing board, not that there will be a ground-breaking ceremony for a few more years.

Premier Colin Barnett says he can't see "a great deal of substance" in junior explorer Padbury Mining's claims it has secured a massive $US6.47 billion ($6.89 billion) funding deal to construct a port and rail network at Oakajee, as the company missed a self-imposed deadline to reveal its mystery backer.