Miner Anglo American reinstated dividends but warned about delays and higher costs at its key iron ore project in Brazil after first-half profit doubled on higher prices.
The group, the world's fourth-biggest iron ore producer, said its Minas Rio project in Brazil would probably not start producing in 2012 as planned.
"A number of key approvals remain outstanding and these are on the critical path of the project, therefore impacting the time and cost to complete," the company said.
Anglo said underlying earnings per share increased to $1.84 from 91 cents last year. This was higher than a consensus of $1.73, based on 12 analysts' estimates gathered by the company.
It announced a half-year dividend of 25 cents per share after suspending payouts last year to conserve cash during the global downturn that hit metals demand and prices. - Reuters
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