Brazilian mining company Vale has confirmed plans to invest R$70 billion ($12.26 billion) in its Carajas complex in northern Brazil by 2030. The investment was initially announced by Brazil’s presidential palace, and Vale confirmed the investment plans in a recent statement.
The Carajas complex, located in the Brazilian state of Pará, is Vale’s most important iron ore production facility. Last year, it produced 177.5 million tons of iron ore, accounting for more than half of the company’s total production of the steel raw material during that period.
Vale expects iron ore production at Carajas to rise to 200 million tons per year by 2030. This increase is expected to be achieved through several initiatives, including the expansion of the Serra Sul mine. In addition, the company expects a 32% growth in copper production in Carajas, reaching approximately 350,000 tonnes by 2030.
