Bloomberg reported CAP SA (EPA:CAP) fell after announcing a 39 percent increase in the cost to develop an iron ore project.

As quoted in the market news:

The company will invest $800 million to develop its Cerro Negro Norte iron ore mine, which will begin production activities in the fourth quarter of 2013, according to a statement posted Dec. 19 on its website and on Dec. 20 on the website of the local securities regulator. The company had initially announced the project would cost $574 million to develop and would begin operations in the first quarter of 2013.

Click here to read the full Bloomberg report.

Iron Investing