[miningmx.com] – ANGLO American’s newly commissioned $8.8bn Minas Rio iron ore mine would be a significant cash generator for the group even at current iron ore prices, said Bloomberg News.
Citing Paulo Castellari, CEO of Anglo’s iron ore unit in Brazil, the newswire said that Minas Rio would take time to recover its investment, but would nonetheless thrive in the volatile iron ore market which has seen the price fall from $140 per ton to $80/t.
“With prices going up or down, we will continue generating value, generating profits,’ Castellari said. “We are very well positioned in the market as a whole. There are other producers with much higher costs.’
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