"Anglo American takes $1.7bn writedown on British fertilizer mine"

" Anglo American takes $1.7bn writedown on British fertilizer mine \r\n\r\n \r\n \r\n \r\n \r\n \r\n\r\nAnglo American (LON:AAL)\u00a0 said Thursday \u00a0it would take a $1.7 billion charge due higher costs and delays at its Woodsmith fertilizer project, which is being built\u00a0beneath the North Yorks Moors national park in England.\r\n \r\nThe company, which\u00a0 acquired Woodsmith two years ago with the acquisition of British junior\u00a0Sirius Minerals said it now expects first product from the mine in 2027.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nBy then, Anglo American would have spent about $1 billion a year on top of the $1.35 billion it has already invested developing the world\u2019s largest known deposit of polyhalite fertilizer, totalling $6.1 billion.\r\n\r\nWoodsmith\u2019s previous owner estimated the project required about $3.3 billion for completion, with first production slated for 2024. Sirius had spent $1.4 billion on the project when Anglo American took over.\r\n\r\nThe mine, with an estimate productive life of more than 50 years, could become one of the world\u2019s largest in terms of the amount of resources\u00a0extracted. Woodsmith will generate an initial 13 million tonnes per year of polyhalite, a multi-nutrient fertilizer, containing four of the six key elements needed for plant growth \u2014 potassium, sulphur, magnesium and calcium.\r\n\r\nAnglo American believes the mine could achieve such output levels in the early 2030s if demand for its product is sufficient.\r\n\r\n\u201cBe in no doubt that we are setting Woodsmith up to generate significant cashflows for many, many decades, we\u2019ll be building it out now until 2027,\u201d CEO Executive Duncan Wanblad\u00a0said in a statement.\r\n\r\nWhile polyhalite is a new product to the fertilizer market, Wanblad said the company was modelling the project economics on a price of $190 per tonne, versus more than $300 per tonne for similar products on the market.\r\n Profit down 47% \r\nThe writedown,\u00a0 flagged in December \u00a0by chief financial officer Stephen Pearce is part of Anglo\u2019s\u00a0 year-end 2022 results .\r\n\r\nThe global miner posted a full-year net profit of $4.51 billion, 47% less than $8.56 billion it earned in 2021.\r\nIt attributed the results to inflationary pressure, higher energy prices and lower production volumes for the results, which lifted production costs even as commodity prices fell.\r\n\r\nFull-year revenues fell 15% to $35.12 billion from $41.55 billion in the previous year, below the company-provided consensus of $36.88 billion.\r\n\r\nAnglo American kept its 2023 copper production guidance unchanged at between 840,000 and 930,000 tonnes.\r\n\r\n \r\n \r\n \r\n "

"Anglo American takes $1.7bn writedown on British fertilizer mine"

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