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Brazilian mining giant Vale is set to unveil a massive 70 billion real ($12.2 billion) investment to boost its iron ore and copper production at the Carajás complex in northern Brazil, according to a statement from the presidential palace. The ambitious expansion, slated for completion by 2030, underscores Vale’s commitment to strengthening its mining operations in one of the world’s richest mineral regions. The announcement will take place at a high-profile event attended by President Luiz Inácio Lula da Silva and key government officials, highlighting the project’s significance for the country’s economy and industrial sector.
While Vale has yet to provide additional details or respond to inquiries, the presidential palace confirmed the company will introduce its “New Carajás” initiative, a move expected to bring significant economic activity to the region. The project comes amid growing global demand for iron ore and copper, essential materials for industries ranging from construction to electric vehicle production. With this major investment, Vale positions itself to reinforce its dominance in the mining sector while contributing to Brazil’s broader economic growth and job creation efforts.
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(Source: Miner Daily | Investing.com)
