Data provided by McGregor BFA
All data is delayed
Loading...
See More

Investors dump Anglo

Nov 13 2012 12:30 Reuters

Related Articles

Brazil big blow for Anglo

On the rebound

Anglo's Brazil start-up delayed

Carroll had to go - shareholders

Mixed reponses to Anglo resignation

Anglo CEO Cynthia Carroll to step down

 
Johannesburg - Shares of Anglo American [JSE:AGL] tumbled 3.5% to R246.50 on the JSE after the company raised the estimated cost of its Minas Rio iron ore project, saying it was likely to cost more 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.
 
The stock was also hit by a trading update from subsidiary Kumba Iron Ore.
 
Kumba’s shares also took a beating, sliding 2.2% to R529.01 after the producer of the steel making ingredient said full-year earnings would likely fall by at least 20%, hit by a wildcat strike at its Sishen Mine and a decrease in export iron ore prices.

The company says the Sishen strike has so far cost it 2.6Mt of lost production. Attendance rates in Sishen's mining production area remain low, which is hampering output, Kumba says.
anglo american  |  kumba iron ore
NEXT ON FIN24X

What to watch on the JSE

2014-04-20 17:52

 
 
 

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
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

ANCYL: Not voting would be blasphemy

Not voting in the forthcoming elections would be blasphemy, the ANCYL says in a statement commemorating the 50th anniversary of struggle icon Nelson Mandela's Rivonia trial speech.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

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