Brazilian mining giant Vale is set to significantly expand its operations at the Carajas complex in northern Brazil. The company is committing an impressive 70 billion reais (approximately $12.2 billion) to this venture, which is expected to boost iron ore and copper production by 2030, as confirmed by the Brazilian government.
The Carajas complex, Vale’s largest iron ore operation, is crucial to the company’s output, accounting for over half of its total production in the past year. This major investment aims to further solidify Vale’s position in the global mining industry.
The announcement will be made at an event attended by Brazilian President Luiz Inácio Lula da Silva and key members of his cabinet. Vale has yet to provide detailed comments on the investment.
Located in the state of Pará, the Carajas complex has been central to Vale’s operations, especially following past challenges, such as the 2015 dam collapse, which brought government scrutiny. However, Vale’s CEO, Gustavo Pimenta, recently met with President Lula, emphasizing the company’s alignment with Brazil’s broader economic and development objectives.
This expansion marks a key milestone for Vale, as it looks to contribute to both the country’s economic growth and its own long-term success.