Vale moves ahead with $2.7bn Amazon mining expansion in clean-steel bet
Vale is plowing ahead with a $2.7-billion investment to expand iron output in Brazil’s Amazon, betting demand for high-grade ore will stay strong in an overall softer market.
At the world’s largest and richest open pit, carved out of the forested mountains of Carajas, Vale is on track to add 30-million metric tons of capacity, it reported during a site visit last week. Work at the S11D mine is part of a plan to be able to supply 260-million tons from its northern operations by 2025.