Anglo American Ready to Ship from Minas-Rio Mine by End of 2014

By Admin
London-based miner Anglo American(LSE:AAL) is on pace to ship the first iron ore from its Minas-Rio project by the end of 2014."At the end of June...

London-based miner Anglo American (LSE:AAL) is on pace to ship the first iron ore from its Minas-Rio project by the end of 2014.

"At the end of June, we had completed 95% of the project required to achieve this objective," said CEO Mark Cutifani in the interim results for H1 2014.

Once up and running, the 100 percent owned Minas-Rio mine is expected to produce 27 million tons of iron ore per year.

According to the interim results, construction of the mine is ahead of schedule as several key components of the project have been recently completed.

"The 529 km pipeline to the port at Açu has been laid. At the port, construction is continuing as scheduled and good progress has been made on the breakwater, with 26 of 33 caissons installed for first ore on ship. Further progress continues to be made in obtaining the outstanding licenses required," the report said.

With $6.6 billion invested into the project already, Anglo American is expected to drop an additional $1.2 billion during the second half of 2014.

"This would leave around $1 billion for remaining capital expenditure for 2015, including the full extension of the breakwater, and mine equipment for the ramp up," the report said.

The Minas-Rio mine is located in the state of Minas Gerais, Brazil. The mine will include open-pit mines, a beneficiation plant and a pipeline to the Port of Acu in Rio de Janeiro.

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