Anglo Writes Down $4 Billion on Minas-Rio as Cost Climb Again

Anglo American Plc will write down $4 billion from the value of its Minas-Rio iron-ore project in Brazil and raise spending for a sixth time after prior blowouts forced Chief Executive Officer Cynthia Carroll to quit.

Capital expenditure at Minas-Rio will reach $8.8 billion should Anglo use $600 million it has set aside for possible cost increases, the London-based company said today in a statement. That compares with an original estimate of $2.6 billion in 2008.