Anglo American's write down - not quite as bad as Rio Tinto's

Miner setback.

Seems like all the mining giants are suffering write-downs at the moment. Earlier this month it was Rio Tinto, and now it's Anglo American, which has written down the value of its Minas-Rio iron ore project in Brazil by $4bn.

This looks odd against the positive production figures that both companies posted in the last quarter - but the mining industry is cyclical - and the move anticipates a bit of a tougher season.

So far only Rio Tinto have had to get rid of their chief exec though: their mistake  - a $3bn writedown on an African coal project - was just too big.
Cynthia Carroll of Anglo American is unlikely to see the same fate as Tom Albanese. Here's the FT:

Ms Carroll’s mistake over Minas Rio in Brazil was more forgivable than Mr Albanese’s. She underestimated the ability of Brazilian bureaucracy to delay development work. But the mine remains a valuable asset, expected to produce ore at a cash cost of $30 a tonne compared with a forecast 2013 average sale price of $120. Mr Albanese overestimated the quality of Rio’s coal reserve in Mozambique. That undercut his credibility as a miner.

But it's the season to be cautious. BHP have written down asset values, and there is speculation that Xtrata could be on its way.

Anglo American has suffered write downs. Photograph: Getty Images
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Tory Brexiter Daniel Hannan: Leave campaign never promised "radical decline" in immigration

The voters might not agree...

BBC Newsnight on Twitter

It was the Leave campaign's pledge to reduce EU immigration that won it the referendum. But Daniel Hannan struck a rather different tone on last night's Newsnight. "It means free movement of labour," the Conservative MEP said of the post-Brexit model he envisaged. An exasperated Evan Davis replied: “I’m sorry we’ve just been through three months of agony on the issue of immigration. The public have been led to believe that what they have voted for is an end to free movement." 

Hannan protested that EU migrants would lose "legal entitlements to live in other countries, to vote in other countries and to claim welfare and to have the same university tuition". But Davis wasn't backing down. "Why didn't you say this in the campaign? Why didn't you say in the campaign that you were wanting a scheme where we have free movement of labour? Come on, that's completely at odds with what the public think they have just voted for." 

Hannan concluded: "We never said there was going to be some radical decline ... we want a measure of control". Your Mole suspects many voters assumed otherwise. If immigration is barely changed, Hannan and others will soon be burned by the very fires they stoked. 

I'm a mole, innit.