By Roberto Samora
SAO PAULO (Reuters) -Brazil’s Vale, one of the world’s largest iron ore producers, has decided how to spend half of the planned 70 billion reais ($12.78 billion) in investments under its “New Carajas Program,” according to a company director, who discussed details of the five-year plan with journalists this week.
Gildiney Sales, director of the mining company’s North corridor, said some of the projects are in the execution phase.
He added that Vale is now seeking new “targets” under the program to expand mines and increase its iron ore output to 200 million tons annually at the Carajas mining site, in addition to increasing local copper extraction by 32%.
“We are looking for new ore bodies; there are projects underway, the main one being the +20 million tons project in Serra Sul, which amounts to nearly US$3 billion,” he said.
The Serra Sul project, which is 73% physically complete, involves opening new mining areas, doubling the long-distance conveyor belt (TCLD), and implementing new beneficiation lines. There are also plans to expand storage areas and mining equipment.
Last year, Vale produced 177.5 million tons of iron ore in the Northern System (comprising Serra Sul, Norte, and Leste), as well as 265,200 tons of copper.
“We are researching new targets so that we can return to producing at the level of 200 million tons in the Northern System and reach that figure of 350,000 tons of copper,” he added.
($1 = 5.4784 reais)
(Reporting by Roberto Samora; Writing by Ana Mano; Editing by Mark Porter and David Gregorio)
Comments