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Anglo American Shares Rise as It Announces $4bn Project Writedown -- City Index UK

[By NBC-1TV H. J Yook]Shares in Anglo American have rallied in London this morning (January 29th), as the company has announced it is writing off $4 billion (£2.5 billion) after a review of one of its projects.

Read Full Article at cityindex.co.uk: Anglo American shares rise as it announces $4bn project writedown(http://www.cityindex.co.uk/market-analysis/financi...)

The Minas Rio iron ore project in Brazil has been subject to delays and cost overruns, which have forced the mining giant to raise its expenditure on the project to $8.8 billion.

“Despite the difficulties, we continue to be confident of the medium and long-term attractiveness and strategic positioning of Minas Rio and we remain committed to the project,” chief executive Cynthia Carroll stated.

Ms Carroll -- who is stepping down from the top job -- suffered a fall from grace as a result of the Minas Rio project, which is seen as Anglo American's biggest failure of recent years, Reuters reports.

At 10:35 GMT, shares in Anglo American on the London Stock Exchange rose by 2.4 per cent to 1918.00p per unit.



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