Anglo American (LSE:AAL)
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2 Years : From Dec 2011 to Dec 2013
Anglo American PLC (AAUKY, AAL.LN) said Friday it has halted preparatory work for installation of a power line at its Minas Rio iron ore project in Brazil following a judge's decision to suspend the installation license for the line.
A spokeswoman for the diversified mining company said Anglo was notified Thursday of the decision by the Minas Gerais state public ministry to suspend the license that was issued by the Minas Gerais state government's environment agency on March 15. The company will appeal the public ministry decision, which affects the line that will supply power to the project's iron ore concentrator plant, the spokeswoman said.
Minas Rio is due to start producing iron ore at a rate of 26.5 million metric tons a year in second half 2013. The current suspension isn't expected to affect the overall timetable of the iron ore project, the spokeswoman said.
-By Diana Kinch, Dow Jones Newswires; 55 21 2586 6086; email@example.com