SAO PAULO (Reuters) -Brazilian miner Vale confirmed on Friday that it will invest 70 billion reais ($12.26 billion) in its Carajas complex in northern Brazil through 2030.
Brazil’s presidential palace had initially announced the planned investment on Wednesday. Vale added in a statement that the expected investments toward the “New Carajas” plan are in line with its guidance.
Carajas, which is located in Brazil’s Para state, is Vale’s largest iron ore production complex. It produced 177.5 million metric tons last year, or more than half of the firm’s total output of the steel ingredient in the period.
Vale said on Friday it expects iron ore production at Carajas to reach 200 million tons per year by 2030, with the boost coming from moves such as the expansion of its Serra Sul mine.
The miner also sees its copper production at Carajas growing by 32% to about 350,000 tons by 2030.
Vale will hold an event with Brazilian President Luiz Inacio Lula da Silva later on Friday to provide more details on the investment plan.
($1 = 5.7110 reais)
(Reporting by Roberto Samora and Andre Romani; Writing by Isabel Teles; Editing by Kylie Madry)
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