Anglo American to invest 4.4B reais in Brazil's Minas Gerais state

Anglo American PLC signed an agreement with Brazil's Minas Gerais state to invest up to 4.4 billion reais through 2025 in its Minas Rio iron ore mine and other local operations, Mining.com reported Nov. 10, citing a statement from the state government.

The investment includes upgrades to Minas Rio's pipeline, technology and civil works as well as future expansions, the report said.

Minas Gerais has reportedly secured over 147 billion reais in investment commitments from companies that operate or will start operations in the state by 2025.

Vale SA subsidiary New Steel SA recently signed a protocol of intent with the state to spend 4.4 billion reais developing dry iron ore processing technology that removes the need for tailings dams.

As of Nov. 10, $1 was equivalent to 5.48 Brazilian reais.