Vale to Invest $24bn in 2011

1 November 2010 (Last Updated November 1st, 2010 18:30)

Brazilian mining giant Vale is to invest $24bn in 2011 as it seeks to increase production of iron ore and expand in terms of fertilisers, nickel and copper. Vale's total output of iron ore is expected to soar 75% to 522 million tons per year by 2015, from its current capacity of around

Brazilian mining giant Vale is to invest $24bn in 2011 as it seeks to increase production of iron ore and expand in terms of fertilisers, nickel and copper.

Vale's total output of iron ore is expected to soar 75% to 522 million tons per year by 2015, from its current capacity of around 300 million tons.

Nickel output will rise 29% to 381,000t, while copper will more than double to 691,000t.

Potassium is forecast to rise four-fold to 3.4 million tons by 2015, the company added.

Vale will spend 20% of $24bn on logistics projects, including an expansion of the rail system linked to Carajas iron mine and a project to increase the capacity of the Ponta da Madeira port terminal.

Vale, which has invested nearly $6bn this year on fertiliser acquisitions, aims to double phosphate rock output and more than quadruple potash production between 2011 and 2015.

The company expects to begin production at the Onca Puma nickel mine in Brazil and the Tres Valles copper project in Chile before the end of 2010.