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write-down on the Minas-Rio iron project

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On the 29th of January, Anglo American PLC informed that it would write down $4 billion on its Minas-Rio iron project in Brazil after conducting a review of the scheme. The company, which is one of the world’s mining giants, underlined that the massive write-down in the value of its asset was mainly caused by costs overruns and delays. The surprisingly high write-down on the Anglo American PLC’s project was long expected and it is thought to have been the main cause of the Cynthia Carroll’s resignation from the position of chief executive officer.

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