IRON-ORE
Two leaks in a month, a 90-day outage and $58-million in fines is not enough to temper Anglo American's ambition for its long-delayed, multi-billion dollar Minas-Rio iron-ore mine in Brazil.
Purchased at the height of the commodities boom a decade ago for $5.5-billion, Anglo American was once counting on Minas-Rio to produce 26.5-million tonnes of iron-ore by 2016. The mine's strength is its high-grade iron-ore that commands a premium as the world's biggest commodity consumer China seeks to cut pollution.
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