15th Oct 2013 08:43
LONDON (Alliance News) - Anglo American PLC Tuesday said that significant progress has been made on improving its subsidiary Kumba Iron Ore Limited's Sishen Mine in South Africa.
The global metals and minerals company said the Sishen Western Expansion Project, which is designed to extend the anticipated life of mine at the site has gained momentum on the relocation of a key railway line.
The company said the position of the Transnet railway line has been relocated outside of the site's zone, and the land on which the railway line was situated, a 30 metre wide by 14 kilometre space, has been granted to the Sishen Iron Ore company, a subsidiary of Kumba.
Anglo American said that the Sishen Iron Ore Company has applied to the South African Department of Mineral Resources to obtain the necessary rights to mine the former railway line space.
The company said the current ore reserve classification in the area affected by the applications may require adjustment in the 2013 resource and reserve statement to reflect the new land at the site, and that project development remains within budget and previously detailed construction activities have been completed.
Anglo American shares were up 1.7% to 1,550.00, putting it among the top ten movers on the FTSE 100 on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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