Anglo signs $15bn, 20-year iron ore deal for Minas Rio
Minas Rio is arguably the most controversial asset within Anglo, having cost more than $13bn to buy and build
Anglo American has signed a $15bn contract to supply Bahrain Steel with iron ore from its Minas Rio mine in Brazil. Minas Rio is arguably the most controversial asset within Anglo, having cost more than $13bn to buy and build but has yet to come close to its design capacity, with further concerns around whether the mine will secure tailings dump permits, which, if not granted, will lead to a halt in production. 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.
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