Anglo says Brazil project costs soar

Mining giant Anglo American warned yesterday that its Brazilian Minas-Rio iron ore project was unlikely to cost less than $8bn (£5bn), more than three times the original estimate. The 26.5m tonnes a year project, which has faced licensing challenges, is under review to assess the impact of the delays. Minas-Rio has suffered a string of delays and cost overruns, but Anglo American still anticipates the mine to start production in 2014.