Anglo American Plc, the mining company investing $16 billion in Brazil, is content keeping full ownership of its Minas-Rio project as iron-ore prices recover and development advances without fresh delays.
Driving northeast from Santiago, the road corkscrews toward the shark’s-grin skyline of the Andes Mountains. In winter, Santiago’s smart set plies this route, heading for virgin-powder days and pisco-sour nights at La Parva ski resort. Most have no inkling that in a high mountain valley just over the ridgeline, excavators the size of houses have sculpted the mountainside into a steeply terraced pit 1,800 feet deep, Bloomberg Markets magazine reports in its September issue.
Anglo American Plc agreed to a reduced price for its Amapa iron-ore mine in Brazil with buyer Zamin Ferrous Ltd. after the port used by the project was damaged by a landslide in March that killed six people.
Anglo American Plc Chief Executive Officer Cynthia Carroll, the first woman, external hire and non- South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge.
Anglo American Plc, which swung to a full-year loss after a $4.6 billion writedown at its biggest project, rose to the highest in five weeks in London as Chief Executive Officer Cynthia Carroll said 2013 would be better.
Cynthia Carroll, the Anglo American Plc chief stepping down in two months, said her successor’s main challenge will be returning the company’s platinum unit to profitability after strikes last year wiped out earnings.
Anglo American Plc Chief Executive Officer Cynthia Carroll will receive about 2.1 million pounds ($3.2 million) as she leaves the mining company next month, according to a person with knowledge of the matter.