Brazilian iron ore producer Vale is set to announce a significant expansion of its mining operations at the Carajas complex in northern Brazil on Friday.
The company plans to invest 70bn reais ($12.2bn) through 2030, as confirmed by the Brazilian Government.
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This strategic investment aims to enhance iron ore and copper production at Vale’s largest iron ore complex, which contributed more than half of the company’s total output last year, reported Reuters.
The announcement is scheduled to take place at an event with Brazilian President Luiz Inacio Lula da Silva and cabinet members. Vale has not yet commented on the investment.
The Carajas complex, located in the state of Pará, has been a focal point for Vale, especially after facing criticism from the government for its investment strategies and handling of past incidents including a dam collapse in 2015.
Vale’s CEO Gustavo Pimenta met with President Lula last month, where he indicated a strong alignment between the company’s projects and Brazil’s development goals.
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By GlobalDataIn addition to iron ore, Vale also produces copper and nickel at its Sossego, Salobo and Onca Puma mines in Pará.
Further demonstrating its commitment to the Carajas complex, Vale entered into a 1.8bn reais services agreement with Wabtec in June 2024 to improve its Carajás Railway locomotive fleet.
Additionally, in September 2021, Vale began using six autonomous trucks capable of hauling 320 tonnes each at the Carajas iron ore complex, following successful trials since 2019.
