Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
SAO PAULO, March 12 (Reuters) – Global diversified mining company Anglo American Plc halted iron ore production at its mine in Brazil’s Minas Gerais state after a mineral duct used to transport the product to an export terminal broke down, the company said in a statement on Monday.
Anglo said there was leakage of a mixture of iron ore and water to a local watershed. It asked the local water company to stop using that water to supply residents and it is paying for water trucks to serve the local population for now. It said production at the Conceição do Mato Dentro mine is halted until they can determine what caused the duct’s accident.
(Reporting by Marta Nogueira Writing by Marcelo Teixeira; Editing by Sandra Maler)
