Anglo Has Approved Capital Spending of $3.5 Billion for 2014

Anglo American Plc so far approved capital expenditure of $5 billion for next year and $3.5 billion for 2014, Chief Executive Officer Cynthia Carroll said.

Anglo, based in London, may more than double 2014 capex as new projects are added, Carroll said, according to a copy of a presentation at a Miami conference posted on its website. The company has about $100 billion of approved and unapproved projects including iron-ore, coal, copper and niobium.

Anglo, with $7 billion of capex planned this year, “can choose to accelerate the development of the highest returning, lowest risk projects in the most attractive commodities for all stages of the economic cycle,” the company said today in an e-mailed response to questions. Capital expenditure is used to maintain current operations and build new projects.

Anglo plans to increase output by more than 50 percent by the end of 2014 as it bets demand for the commodities it produces will be buoyed by Asian economic expansion.