$770 to be invested by Anglo along with Batista’s LLX in Brazil Port

Fifth-largest metals producer by market value in the world Anglo American Plc, to invest large amount of $ 770 million together with billionaire Eike Batista LLX Logistica SA in its iron ore for the export of minerals from the port of Brazil .

Under a revised agreement for 25 years, Anglo will pay $ 7.10 per metric ton of iron ore that is shipped from the company in joint Acu Porto, LLX, said in a regulatory filing yesterday. The agreement will generate $ 190 million annual revenue for LLX, according to the presentation. 49 percent of the port is owned by London-based Anglo.

Anglo, which suffered delays and cost overruns in their development of Minas Rio in Brazil, is spending about $ 17 million to expand production of copper, iron ore, nickel and other metals as demand from Asia countries grows. Las Minas Rio iron ore complex, the main project includes a mine, processing plant and 326 miles (525 kilometers) of pipelines that will transport the ore to Port acu.

The company obtained a primary license from Brazil this month, allowing it to advance the construction of Minas de Rio after the delays in obtaining permits and design changes increased costs. It said that in July the cost of development could increase by about a fifth to $ 4.6 million due to delays.

Anglo said on December 10 that it will start working on the project in March and hand over their first mineral 27 to 30 months thereafter. It originally planned to start mining this year.