Anglo sticks with Minas Rio as prices climb

[miningmx.com] – ANGLO American may not sell a stake in its Brazilian iron ore project Minas Rio especially as prices for the steel feed mineral improved, said Bloomberg News which cited the mining group’s CEO, Mark Cutifani.

“We’re not keen to motor too quickly’ said Cutifani. “The way things are going and the better it looks, the more inclined I am to stick with it ourselves,’ he said.

Anglo American has invested $16bn in Minas Rio, a project that has been plagued with project budget and scheduling overruns.

“The price of iron ore has been doing a little bit better than before,’ Cutifani told Bloomberg News. “That’s good news. China has been doing pretty well. We’re happy to be where we are today, albeit disappointed at what we had to pay for the project overrun,’ he said.

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