Vale will invest around $4.5bn in the construction of its iron-ore transshipment project in the Perak state of Malaysia.
The construction cost ranges from RM9bn ($2.9bn) to RM14bn ($4.5bn) over a five-year period, according to thestaronline.
Perak chief minister Seri Zambry Abdul Kadir said Vale has obtained statutory approvals for the project, which is expected to begin by August 2011.
Under the project, Vale will develop an iron-ore complex in Teluk Rubiah region of Lumut, which is a potential area for developing iron ore.
The Perak State Development Corporation is working out a value-chain roadmap based on the Vale project.