Sino Iron Project between CITIC Limited and Australian mining billionaire Clive Palmer is China's largest investment project in mining industry in Australia. However, the investment cost keeps rising and the two sides have many disputes. ANBOUND think tank scholars point out that when CITIC Limited made backdoor listing through CITIC Pacific, many people commented that such an action is to ensure the finance for Sino Iron Project. Judging from the current situation, even though the subject has changed from CITIC Pacific to CITIC Limited, Sino Iron Project remains a burden. And this will become a classic case of failed overseas merger and acquisition by China’s central enterprises.