- Special Report: Syria's Islamists seize control as moderates dither
- Angelina Jolie stunt double sues News Corp over hacking
- Global shares flat, dollar steady before Fed decision
- Prosecutors plan more charges against accused Cleveland kidnapper
- Journalist who brought down U.S. general is killed in Los Angeles car crash
UPDATE 1-Anglo American says last Minas-Rio injunction lifted
Dec 21 (Reuters) - Global miner Anglo American Plc said on Friday 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 Friday will allow the company to install a 90-kilometer (55 mile) electricity transmission line.
The project has faced a series of delays and cost overruns since it was bought for $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, Cynthia Carroll, who championed the purchase, and leading shareholders. Carroll resigned in October.
The company raised the estimated cost of the Minas Rio project last month, saying it was unlikely to cost less than $8 billion.
Anglo American shares fell 0.48 percent to 1,855.48 pence in London.
- Tweet this
- Share this
- Digg this