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Anglo could bring in partner for Minas Rio

Feb 05 2013 13:03

The mining industry, the bedrock upon which the country was built, is going through something like an existential crisis. (Picture: Shutterstock) (Shutterstock)

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Cape Town - Global mining group Anglo American [JSE:AGL] could consider bringing a partner into its flagship Minas Rio iron ore asset in Brazil, outgoing chief executive Cynthia Carroll said on the sidelines of a mining conference.

The Minas Rio project, a bruising top-of-the-market deal that contributed to Carroll's fall from grace and planned departure from the company, has been hit by delays and cost overruns.

Anglo wrote $4bn off the value of the asset last week, and said the mine would cost $8.8bn to develop, more than three times original estimates.

"If it makes economic sense we will pursue it. We have been talking about a partnership for some time. We really need to establish what that value is," Carroll told Reuters.

She declined to comment on any ongoing discussions.

Carroll also said the company would push through with a planned overhaul of its platinum arm, despite fierce resistance from South Africa's government, politicians and unions.

"It is not a matter of pushing back. We have a plan and we are going to work through that plan," Carroll said.

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