By Jaime Llinares Taboada
Anglo American PLC said Friday that a review of its Woodsmith polyhalite fertilizer project in England confirmed that its design would benefit from modifications.
The mining company has now appointed Tom McCulley to lead the project, and said that those proposed changes would bring Woodsmith up to Anglo American's safety and operating integrity standards, and would also help optimize the value of the project for the long term.
Anglo American said these changes will result in a different and enhanced configuration, and therefore a different construction and production ramp-up schedule.
The company expects to have completed a design engineering, capital budget and schedule at the end of 2022.
"In the meantime, construction of the major critical path elements of the project, principally the two main shafts and the mineral transport tunnel, is progressing, with approximately $0.7 billion of capital expected to be invested in 2022," Chief Executive Mark Cutifani said.
Write to Jaime Llinares Taboada at email@example.com; @JaimeLlinaresT
(END) Dow Jones Newswires