Anglo American Raises Estimated Cost Of Its Minas-Rio Iron Project

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.

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