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.
April 3 (Reuters) – Anglo American Plc will need about 90 days to inspect a pipeline at its suspended Minas-Rio iron ore operation in Brazil, it said on Tuesday, after the country’s environmental regulators ordered the miner to halt operations following a leak.
Anglo halted operations after a leak was discovered on March 29 on a pipeline which carries iron ore in slurry form from the mine to an export terminal.
It said the leak of non-hazardous iron ore slurry was stopped within eight minutes and caused no disruption to local water supply.
The company said there were no injuries.
A previous leak prompted Anglo to suspend operations from March 12 to 27 at Minas-Rio, which transports iron ore from the company’s mine and processing facility in the state of Minas Gerais to a port in the state of Rio de Janeiro.
(Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely)
