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Anglo American has signed an agreement with the mineral-rich Brazilian state of Minas Gerais to invest up to US$800 million (R$4.
4 billion)
in local operations by 2025.
The state government said most of the investment will go to its giant Minas Rio iron ore mine, which plans to improve pipelines, technology, civil engineering and future expansion
.
The world's fourth-largest diversified mining company bought iron ore projects in southeastern Brazil during commodity prices in 2007-2008, paying local former billionaire Eike Batista $5.
5 billion
.
Anglo American then spent another $8.
4 billion, more than double what was initially expected, to get Minas Rio into production
in 2014.
The deal quickly collapsed
as increased global iron ore production overwhelmed demand, causing prices to fall 80 percent from their 2011 peak.
The miner also found itself forced to write down the value of its assets by about $4 billion, highlighting how the group mistakenly entered the iron ore industry
.
While prices recovered in 2016 (up 81%), extreme volatility for much of the year raises questions about whether the group's expensive bets on iron ore will eventually pay off
.
Anglo American's iron ore production rose 15 percent in the three months to Sept.
30, mainly due to a 22 percent increase in Minas Rio iron ore production to 6,099,500 tonnes
, the miner said in October.
Minas-Rio includes a 529 km long granular conveying slurry pipeline project
.
The mine is expected to have a capacity of 26.
5 million tons
by 2022.
Between 2014 and 2020, the company spent millions of dollars to protect biodiversity in the area, which is located in one
of Brazil's priority protected areas.
Anglo American has signed an agreement with the mineral-rich Brazilian state of Minas Gerais to invest up to US$800 million (R$4.
4 billion)
in local operations by 2025.
The state government said most of the investment will go to its giant Minas Rio iron ore mine, which plans to improve pipelines, technology, civil engineering and future expansion
.
The world's fourth-largest diversified mining company bought iron ore projects in southeastern Brazil during commodity prices in 2007-2008, paying local former billionaire Eike Batista $5.
5 billion
.
Anglo American then spent another $8.
4 billion, more than double what was initially expected, to get Minas Rio into production
in 2014.
The deal quickly collapsed
as increased global iron ore production overwhelmed demand, causing prices to fall 80 percent from their 2011 peak.
The miner also found itself forced to write down the value of its assets by about $4 billion, highlighting how the group mistakenly entered the iron ore industry
.
While prices recovered in 2016 (up 81%), extreme volatility for much of the year raises questions about whether the group's expensive bets on iron ore will eventually pay off
.
Anglo American's iron ore production rose 15 percent in the three months to Sept.
30, mainly due to a 22 percent increase in Minas Rio iron ore production to 6,099,500 tonnes
, the miner said in October.
Minas-Rio includes a 529 km long granular conveying slurry pipeline project
.
The mine is expected to have a capacity of 26.
5 million tons
by 2022.
Between 2014 and 2020, the company spent millions of dollars to protect biodiversity in the area, which is located in one
of Brazil's priority protected areas.
