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Anglo American Raises Estimated Cost Of Its Minas-Rio Iron Project
Nov. 14, 2012 02:03PM PST
Base Metals Investing
BusinessReport reported Anglo American (LSE:AAL) said it expects the Minas-Rio iron ore project to $8 billion from $5.8 billion.
BusinessReport reported Anglo American (LSE:AAL) said it expects the Minas-Rio iron ore project to $8 billion from $5.8 billion.
As quoted in the market news:
Licensing delays and “high cost inflation across the construction industry in Brazil” contributed to the increase, Anglo said in a statement yesterday.
Minas-Rio has had time and budget overruns since Carroll bought it in 2008. She has been criticised for overpaying for the asset, acquired near the peak of a six-year commodity rally.
