27th Oct 2014 07:10
LONDON (Alliance News) - Mining giant Anglo American PLC Monday said it has made the first delivery of ore on ship from its Minas-Rio iron ore project in Brazil, within the targeted budget.
In a statement, the company said the first cargo of more than 80,000 tonnes of iron ore for the pellet feed market has been loaded onto a chartered vessel at the export terminal at the port of Açu in Rio de Janeiro state and the vessel is currently en route to customers in China.
"We believe that the outlook for our particular premium product remains attractive, despite the current weakness in the iron ore price, and that the fully integrated operation of Minas-Rio - from mine to port - will enable us to sustain our low operating cost position over the long term," Chief Executive Mark Cutifani said in a statement.
"We are now focused on achieving a safe ramp-up to the 26.5 Mtpa capacity over the next 18-20 months and on the regular cycle of licence and permit renewal required for a mining operation of our scale in Brazil as we transition into operational mode," added Paulo Castellari, CEO of Anglo American's Iron Ore Brazil business.
By Steve McGrath; [email protected]; @stevemcgrath1
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