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Anglo gets a nasty Brazilian memo

This is kind of left field, I saw on a Google alert set for Anglo American that they had a permit suspended for power supply for their Brazilian Iron Ore project, Minas-Rio. Not good news at all really. But according to the Bloomberg story titled Anglo Has Power-Line Permit for Minas-Rio Project Suspended, Anglo have in their minds followed all the necessary rules and regulations when applying for the power. And apparently, from another source, the expectation is that Anglo will have the licence reinstated inside of the next two weeks. Or course the opposite would be disastrous. This is one of their key projects, and expected to be producing around 30 million tons of iron ore pellet feed annually, coming online at the end of next year. Power is key. We shall check this one out, but I suspect as a school friend of mine, who lives in Brazil said once, the number of regional and state taxes and mining regulations were many. So, some are suggesting that this might be local government versus state government and muscle flexing. Nice. Or not really nice.


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