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News Breaks | | | | January 29, 2013 | | 10:30 EDT |  | AAUKY | Anglo American confirms Mina-Rio capex; records $4B impairment
Anglo American has completed the detailed cost and schedule review of its Minas-Rio iron ore project in Brazil announced in November. Following its Novembers guidance and the completion of the review, capital expenditure for the Minas-Rio project is projected to increase to $8.8B, if a centrally held risk contingency of $600M is utilised in full. On the basis of the revised capital expenditure requirements and its assessment of the full potential of phase one of the project (excluding at this stage the potential for future expansions to 90 mtpa), Anglo American will record an impairment charge of $4B at 31 December 2012 on a post-tax basis. Despite the challenges the Minas-Rio project has faced, Anglo American is targeting first ore on ship, FOOS, by the end of 2014. Reference Link | |
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| May 19, 2013 | | 17:47 EDT |  | AAUKY | South Africa's NUM seeks higher wages from gold, coal producers, Reuters says
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