Monday, 22 Aug 2011
Dow Jones reported that Eurasian Natural Resources Corp has increased the costs and timeline for developing and commissioning its BML iron ore project in Brazil.
The report quoted Mr Felix Vulis CEO of ENRC as saying that it now expects the 19.5 million tonne a year BML project to cost USD 2.3 billion to develop, up from a previous estimate of USD 2.1 billion, largely due to the appreciation of the Brazilian real.
He said that "The whole cost is approximately 2.3 billion. We do not anticipate any moves in that number because the model has been updated to take into consideration further appreciation in the real against the dollar.”
The project has also been delayed by about year, due to the relocation of the port and is now forecast to start commissioning at the end of 2014.
Mr Vulis said the company expects the license for the port, which had to be relocated, will be awarded in the first half of 2012.
(Sourced from Dow Jones Newswires)
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment