Anglo American Announces 12-Month Delay at Brazilian Iron Ore Project

Reuters reported Anglo American (LSE:AAL) sparked further disappointment with a 12-month delay for its trouble-prone Brazilian iron ore project in addition to missing production expectations.

As quoted in the market news:

Analysts also pointed to the delay at Anglo’s flagship growth project Minas Rio, hit by licensing trouble, which is now expected to ship its first ore in the second half of 2014, a year later than planned, if progress continues to be made.

Anglo – which last year again raised the estimated cost of the iron ore mine, warning it could be as much as $5.8 billion – said on Friday it was assessing the impact of the fresh delays on costs and would inform the market later this year.

Click here to read the full Reuters report.