Minas Rio is arguably the most controversial asset within Anglo, having cost more than $13bn to buy and build
Anglo American signed a $15bn iron ore supply agreement with Bahrain Steel for its Minas Rio iron ore mine in Brazil.
The existing dam’s licence expires at the end of 2019 and Anglo CEO Mark Cutifani has stressed at both the full-year results presentation and this week’s AGM that the company was working closely with the Brazilian authorities to put in place a new permit. “Deliveries under the contract have already started, sourced exclusively from Anglo American’s Minas-Rio mine in Brazil,” Bahrain Steel said in a statement on Thursday.
The transaction was equally as important for Anglo, said Peter Whitcutt, CEO of Anglo American Marketing, noting it would allow the company to extend its market in the Middle East and North Africa markets. Those markets are expected to have 46-million tonnes of iron ore pellets by 2027, according to a McKinsey report.
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