Anglo American expects to invest about BRL 1 billion ($319 million) in the state of Minas Gerais, where it owns the Minas-Rio iron ore project. According to a media report, the company should make the investment as soon as it receives an environmental license for the phase 3 of the Minas-Rio iron ore project.
The executive leading Anglo American in Brazil, Ruben Fernandes, estimated the company should receive the license by July. “By then we should make this investment along the period of one year,” he told local newspaper O Tempo.
The project is being developed in the cities of Conceicao do Mato Dentro and Alvorada de Minas, both in the state of Minas Gerais. The Minas-Rio iron ore project is Anglo America’s largest iron ore investment in the world, the media report said, comprising an open pit mine, a beneficiation plant producing high-grade pellet feed, and a 529-km-long (328-mile-long) pellet feed-transporting pipeline connecting different cities in the states of Minas Gerais and Rio de Janeiro.
By July 2018, the Minas-Rio iron ore project is expected to have an annual production capacity of 26.5 million mt.