Anglo American Shares Rise as It Announces $4bn Project Writedown — City Index UK

LONDON–(Marketwire – January 30, 2013) – City Index UK: Shares in Anglo American have rallied in London this morning (January 29th), as the company has announced it is writing off $4 billion (£2.5 billion) after a review of one of its projects.

Read Full Article at Anglo American shares rise as it announces $4bn project writedown

The Minas Rio iron ore project in Brazil has been subject to delays and cost overruns, which have forced the mining giant to raise its expenditure on the project to $8.8 billion.

“Despite the difficulties, we continue to be confident of the medium and long-term attractiveness and strategic positioning of Minas Rio and we remain committed to the project,” chief executive Cynthia Carroll stated.

Ms Carroll — who is stepping down from the top job — suffered a fall from grace as a result of the Minas Rio project, which is seen as Anglo American’s biggest failure of recent years, Reuters reports.

At 10:35 GMT, shares in Anglo American on the London Stock Exchange rose by 2.4 per cent to 1918.00p per unit.

About City Index:

Our online trading platform provides a wealth of information and sophisticated trading tools to help you to realise your trading potential and make the most of market movements as they happen.

Our unique online trading platform enables you to spread bet and trade CFDs cross-margined from the same platform, eliminating the need to switch between platforms.

New to Trading?
The City Index online trading platform offers a simple interface that displays clear and relevant information, allowing you to get to grips with the concepts of technical trading quickly and easily. Our suite of charting tools offers everything you might need in a comprehensive and accessible package.

Experienced Trader?
You can access our archive of technical and analysis data. Our powerful interactive charting package allows you to rapidly annotate charts, display price and volume data in a variety of styles, and automatically overlay indicators and patterns with a single click. Market patterns are quickly revealed giving you all the information you need to plan your trading.

Your losses are magnified in exactly the same way as your gains if the market moves against you and can result in losses exceeding your initial outlay. Please ensure you fully understand the risks involved.

Contact Information

Joshua Raymond
City Index

Leave a Reply