Carli Cooke – Mineweb, 7/30/2012
Brazilian regulatory hurdles are holding back some 40 mining and infrastructure projects valued at more than $200 billion by an average of two years, according to CEO Cynthia Carroll.
JOHANNESBURG (Bloomberg) -
Anglo American Plc (AAL), proposing to spend as much as $100 billion on doubling mine output, met Brazilian President Dilma Rousseff to seek an end to obstacles facing the industry as delays at its largest project worsened.
“These are blockages that we didn’t anticipate,” Chief Executive Officer Cynthia Carroll, who held talks with Rousseff yesterday, told reporters from London. Anglo posted a 46 percent drop in first-half profit and now expects its Minas-Rio iron-ore project to start shipments in the second half of 2014 or later, after targeting the last six months of 2013.
Carroll’s bet on long-term demand for increased production of iron ore, copper, nickel and coal is topped by the Minas-Rio project, which may cost at least $5.8 billion. Brazilian regulatory hurdles are holding back some 40 mining and infrastructure projects valued at more than $200 billion by an average of two years, according to the Anglo CEO.
