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Reuters reports the Brazilian government has approved a new mining concession allowing Vale (NYSE:VALE), the world’s second largest miner, to develop a 387-hectare iron ore deposit in Minas Gerais state.
Reuters reports the Brazilian government has approved a new mining concession allowing Vale (NYSE:VALE), the world’s second largest miner, to develop a 387-hectare iron ore deposit in Minas Gerais state.
As quoted in the market news:
The concession is subject to compliance with an annual output of 20 million tonnes per year on reserves of 64.9 million tonnes. Work should begin within six months, the decree [in the official gazette] said.
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