• Climate change update

    We need to cast off yesterday's ideas and put earth's wellbeing first, says Mandi Smallhorne.

  • Lessons from KPMG

    KMPG has learnt the hard lesson that SA is fed up with corruption, says David Everatt.

  • Terry Bell's Inside Labour

    Will it be man vs machine in the scary self-service future into which we are all being dragged?

Loading...

Minas Rio unlikely to cost less than $8bn

Nov 13 2012 12:32
Reuters

Company Data

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 237
Change -2
% Change -1
Cumulative volume 2299825
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

London - Anglo American [JSE:AGL] raised the estimated cost of its problematic Minas Rio iron ore project on Tuesday, telling investors it was unlikely to cost less than $8bn, the higher end of analyst forecasts.

Analysts have long said spending at the Brazilian project could rise to at least $8bn from previous Anglo forecasts of $5.8bn, already twice original estimates.

"Anglo American is carrying out a detailed cost review to assess the impact of the already announced delay and the other disruptive challenges faced by the project which include high cost inflation across the construction industry in Brazil," Anglo said.

"The review includes an independent external assessment commissioned by the board."

Anglo said it would provide further detail once the cost review has been completed.
anglo american  |  iron ore

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The SARB’s Monetary Policy Committee will decide on the next move in interest rates tomorrow will they?

Previous results · Suggest a vote

Loading...