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Minas Rio unlikely to cost less than $8bn

Nov 13 2012 12:32 Reuters

Company Data

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 260.00
Change -5.66
% Change -0.02
Cumulative volume 570163
Market cap 365.42bn

Last Updated: 22/09/2014 at 11:41. Prices are delayed by 15 minutes. Source: McGregor BFA

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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
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