Fitzgerald resigns from CITIC Pacific

CITIC Pacific Mining managing director Barry Fitzgerald has resigned from the Hong Kong-listed company to take up a position with Hancock Prospecting, a week after an $US835 million cost blowout was revealed at the Sino Iron project in the Pilbara.

"Barry has made a large contribution to CPM 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," CITIC executive chairman Dongyi Hua said.

"I take this opportunity to thank Barry on behalf of all of us here at CPM and wish him success in his future endeavours.

"While we recruit for a new managing director I will take on the responsibilities in addition to my existing role. Barry will finish up at CPM on Friday 21 May."

CITIC last week revealed the cost blowout on the back of higher costs related to the labour, equipment and construction materials at the Sino Iron project.