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Anglo's first iron ore shipment from Minas-Rio bound to China

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IMAGE: Mark Cutifani, CEO of Anglo American »


Anglo American is shipping the first iron ore from its flagship Minas-Rio project in Brazil's Minas Gerais state to China, the company said in a release.

"The first cargo of more than 80,000t of iron ore for the pellet feed market was loaded onto a chartered vessel at the dedicated export terminal at the port of Açu, in Rio de Janeiro state, and the vessel is currently en route to customers in China" Anglo said.

"We believe that the outlook for our particular premium product remains attractive, despite the current weakness in the iron ore price, and that the fully integrated operation of Minas-Rio – from mine to port – will enable us to sustain our low operating cost position over the long term," according to CEO Mark Cutifani.

As Anglo transitions into operational mode at Minas-Rio, efforts are now focused on achieving a safe ramp-up to 26.5Mt/y capacity over the next 18-20 months, said Paulo Castellari, CEO of its Brazilian iron ore unit.

In late-September, Minas Gerais state environmental regulator Copam granted the operating license for the Minas-Rio mine and processing plant.

Minas-Rio's US$8.8bn capex remains in line with estimates provided in January 2013, with US$6.6bn having been spent to date and US$1.2bn expected to cover costs during the second half of 2014.

In Brazil, Anglo American also has the Barro Alto and Codemin nickel operations, and the Jacaré and Morro Sem Boné nickel projects.

Article Credit: Bnamericas

Updated 4 Years ago

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Tags:     Anglo American     Minas Gerais     Mark Cutifani     Paulo Castellari     Iron Ore