Vale SA announced Tuesday that it has secured 6.2 billion reais (US$2.8 billion) in funding from Brazil’s state development bank in order to expand its Caraja mine, the world’s largest iron-ore complex.
The funds will finance a new mining and processing unit in Para state with a capacity of 90 million metric tons of iron ore per year. Vale said it will be the first major iron-ore facility to replace in-mine trucks entirely with conveyor belts. Funds will also go toward expanding the company’s rail network.
Construction is expected to start soon with a planned operation start date sometime in 2016.
Source:
http://www.steelorbis.com/steel-news/latest-news/vale-secures-us28-billion-in-state-funding-to-expand-carajas-mine-823785.htm
