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Anglo American share price edges higher after getting licence to boost capacity at Minas-Rio mine

The British multinational mining company saw its shares edge higher after it received its final operating licence, allowing it to increase production at its Minas-Rio mine in Brazil.

Anglo American saw its share price tick up on Monday after announcing that it has received the final operating licence required to boost production capacity at its Minas-Rio iron ore mine in Brazil.

After obtaining the operating licence, Anglo American will be able to produce 26.5 million tonnes per annum from the mining site.

‘This is an important milestone for our Minas-Rio iron ore operation in Brazil towards reaching its full potential,’ CEO of Bulk Commodities at Anglo American Seamus French said.

‘Minas-Rio has a long asset life of 48 years and produces a high grade, premium quality product for our customers, supporting lower emissions in the steel industry,’ he added.

Anglo American is trading at £21.46 a share as of 12:45 GMT on Monday.

Looking to trade Anglo American and other mining stocks? Open a live or demo account with IG.

Analysts mixed about Anglo American price trajectory

The median price target Anglo American in December sits at £22.65, with a low estimate of £18.00 and a high estimate of £25.50.

Based on the stock trading at £21.46 a share, analysts believe that stock has a potential downside of 16.1% or could rally by as much as 18.8%. However, the median price target implies a more modest upside for the stock of 5.5%.

You can go long or short Anglo American with IG using derivatives like CFDs and spread bets.

Mining industry under fire over environmental and social impact

Anglo American and other members of the mining industry are being scrutinised by investors over the environmental and social impact of resource extraction.

However, in a recent press release the Institutional Investors Group on Climate Change (IIGCC) welcomed Anglo American’s commitment to aligning its policies with the goals of the Paris Agreement which aims to combat global warming.

‘It’s important investors see Anglo American follow through by meaningfully putting its commitment into practice,’ IIGCC CEO Stephanie Pfeifer said.

‘In the face of the climate crisis, this must become standard practice for global companies across all sectors of the economy,’ she added.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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