The core strategy of the business is to grow Anglo American’s position in iron ore and make it the cornerstone of the Anglo Ferrous Metals portfolio.
During the year, Anglo American increased its effective interest in the Minas-Rio iron ore project from 49% to 99.4% and also acquired an effective interest of 69.2% in the Amapá iron ore system. These additional shareholdings were achieved through the acquisition of a 98.9% shareholding in Anglo Ferrous Brazil SA, a company which holds a 51% interest in the Minas-Rio iron ore project and a 70% in the Amapá iron ore system. Anglo American also owns a 49% interest in LLX Minas-Rio, the owner of the port of Açu, which it acquired during 2007.
Anglo Ferrous Brazil SA, in which Anglo American acquired a 98.9% shareholding in 2008, holds a 51% interest in the Minas-Rio iron ore project and a 70% in the Amapá iron ore system.
Sishen’s jig plant made a 4.7 Mt contribution to production during the period, having been commissioned at the end of 2007. Ramp up continues and full design capacity of 13 Mtpa is expected to be achieved in the fourth quarter of 2009.
The Sishen South project, which involves the development of an opencast mine 80 kilometres south of Sishen mine, was approved in July and is expected to produce 9 Mtpa of iron ore. First production is forecast for 2012.