Vale Receives License For Iron Ore Mine

Reuters reported Vale (SAO:VALE5) received an environmental license for its biggest ever iron ore mine in Brazil.

As quoted in the market news:

Vale, the world’s No. 2 mining company, said on Wednesday it received an environmental license to build its biggest-ever iron ore mine, an Amazon region project that holds about $1 trillion of reserves at current prices.

The S11D mine, an extension of the company’s giant Carajas complex, is expected to cost $8.04 billion to build. It will produce 90 million metric tonnes of iron ore and begin operations in 2016, Vale said.

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