Brazilian miner and iron ore producer Vale plans to spend about $2.7 billion in the country’s northern region, according to a media report from Estadao. The region is home to several of the company’s iron ore projects, which produce its higher quality and higher value-added products.
The investment goal should be met by 2024, the media report said, adding that Vale’s multi-billion-dollar investments are aimed at capacity expansion.
Vale should spend a combined $5.8 billion in 2021, out of which $1 billion should be focused on expansion projects.