Anglo American has reported in 2017 a revenue of $1.4 billion at its Minas-Rio iron ore project in Brazil, the company said.
The company did not report revenues for its Brazilian iron ore segment in the full-year of 2016 for a year-on-year comparison.
The company’s Brazilian iron ore EBITDA margin was 31 percent in 2017, while Capex spending in Brazil was $23 million in 2017.
Anglo said the Brazilian Minas-Rio mine produced 16.8 million mt of the iron ore, out of which it sold 16.5 million mt at an average price of $65/mt.
“Minas-Rio’s production of 16.8 million mt (wet basis) was 4 percent higher (2016: 16.1 million mt) as the operation continued to ramp up its current operating capacity. The ramp-up schedule was affected as mining operations were restricted to the remaining Ore Reserves in the Step 2 license area, which included lower grade ore,” the company noted.
Anglo said the Minas-Rio site “continues to focus on obtaining the Step 3 operating license required for the operation to access the full range of run-of-mine ore grades and target the operation’s nameplate capacity of 26.5 million mt (wet basis).”
“The Step 3 installation license was granted in January 2018, following delays during 2017, which will allow the Step 3 construction work to proceed. As a consequence of receiving the installation license, the Provisional Operational Authorization (APO) is expected before November 2018 and the full Step 3 operational license by mid-2019,” the company added.