Reuters quoted Anglo American Plc as saying that an injunction blocking installation of an electricity transmission line at its Minas-Rio iron ore project in Brazil has been lifted, clearing the final hurdle for the project.
A Brazilian court removed two injunctions in September, letting the company restart construction at the mine site, which has a capacity of 26.5 million tonnes per year.
The removal of the final injunction on December 21st Friday will allow the company to install a 90 kilometer electricity transmission line.
The project has faced a series of delays and cost overruns since it was bought for USD 5.5 billion from Brazilian billionaire Eike Batista's MMX Mineracao e Metais SA in 2008. Criticism of the project soured the relationship between Anglo American's former chief executive, Mr Cynthia Carroll, who championed the purchase, and leading shareholders. Mr Carroll resigned in October.
Source:
http://www.steelguru.com/raw_material_news/Anglo_American_says_last_Minas_Rio_injunction_lifted/296175.html
