Anglo American approves $1.2 billion nickel project in Brazil

0 Comments | AFP, December, 2006

LONDON (AFP) — Global mining giant Anglo American says it has approved the construction of facilities to mine nickel in Brazil, amid record high prices for the metal. The Barro Alto nickel project will cost about 1.2 billion dollars (903 million euros) and construction is due to begin in 2007, Anglo American said in a statement.

Production of the nickel is expected in 2010, it added. Anglo American, which is registered in Britain but operates mainly in South Africa, expects Barro Alto to produce an average of 36,000 tonnes of nickel a year over a minimum mine life of 26 years. "The production from Barro Alto will contribute significantly to a potential doubling of the group's nickel production to around 90,000 tonnes per annum by 2011," the group's outgoing chief executive...