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Forbes reports that Brazilian mining company Vale (NYSE:VALE) approved of the $3 billion construction of a fourth iron ore pellet plant at the Samarco project.
Forbes reports that Brazilian mining company Vale (NYSE:VALE) approved of the $3 billion construction of a fourth iron ore pellet plant at the Samarco project.
The editorial is quoted as saying,
The company said in a press release that the fourth pellet plant will have the capacity to churn out 8.3 metric tons per year (Mtpy), increasing Samarco’s iron ore pellets capacity to 30.5 Mtpy. The company also said it would increase the size of its Ponta Ubu maritime terminal in Espirito Santo state, and increase the mining and processing capacity at the Germano mine in Minas Gerais state. The project also includes a third line of the 396-kilometer iron ore pipeline linking the mine to the pellet plant. The start-up is scheduled for the first half of 2014.