Vale Invests R$ 70 Bi to Expand Iron and Copper Mining in Pará
Santos, SP – The mining giant Vale, a leading player in the global mining industry, has announced a significant investment of R$ 70 billion in the expansion of its iron and copper mining operations in the state of Pará, in the northeastern region of Brazil.
The investment, which will take place over the next five years, is aimed at increasing the company’s production capacity and thereby meet the growing demand for these minerals. The expansion will be focused on the existing Itaú de Minas and Sossego mines, which are already operated by Vale in Pará.
The investment is part of the company’s strategic plan to increase its global production capacity and reduce costs. The expansion will also generate new jobs and economic growth in the region, as well as provide a significant contribution to the state’s GDP.
"The investment in Pará is a clear demonstration of Vale’s commitment to Brazil and its determination to continue to play a leading role in the country’s mining industry," said Sérgio Súarez, CEO of Vale. "Our goal is to be a leading player in the global mining industry, and this expansion is a key step in achieving that goal."
The expansion will involve the construction of new infrastructure, including roads, ports and railway lines, as well as the installation of new equipment and technology to improve the efficiency and safety of the operations. The company will also invest in the training and development of local workers to ensure that they have the necessary skills to work in the modernized mining operations.
The Itaú de Minas and Sossego mines are two of the largest iron ore and copper mines in the world, with a total production capacity of approximately 60 million metric tons per year. The mines are already a major source of foreign exchange earnings for Brazil and are a significant contributor to the country’s GDP.
The investment is also expected to have a positive impact on the local economy, generating new jobs and stimulating economic growth in the region. "The expansion of Vale’s mining operations will bring significant benefits to the local community, including new job opportunities and an increase in local revenue," said the Governor of Pará, SimãoCOPE.
In addition to the investment in Pará, Vale has announced a series of other investments in other regions of the country, including in the states of Minas Gerais, Mato Grosso and Roraima. The company has also announced plans to invest in the development of new mines and the expansion of existing operations in countries such as Mozambique and New Caledonia.
The investment in Pará is a clear demonstration of Vale’s commitment to Brazil and its determination to continue to play a leading role in the country’s mining industry. The expansion of the Itaú de Minas and Sossego mines will not only increase the company’s production capacity, but also generate new jobs and economic growth in the region.
Brazilian President Luiz Inácio Lula da Silva attended an event in Parauapebas, Para, on Friday (14) to announce an investment of R$ 70 billion by Vale until 2030 in the expansion of iron and copper mining in Carajás.
The project includes the operation of existing mines, expansions, and new targets to accelerate the processing of critical minerals for green steel production (high-quality iron ore) and metal for energy transition (copper), considered essential for reducing carbon emissions.
The production of iron ore in Carajás is expected to reach 200 million tons per year by 2030, while copper production is expected to increase by 32%, reaching around 350,000 tons.
At the event, Lula mentioned that Vale was considered one of the world’s most important mining companies, currently ranking 14th. “If it depends on the government, Vale will return to its top positions among the world’s leading mining companies,” he said.
Lula also referred to the Mariana and Brumadinho dam breaks in Minas Gerais, highlighting that, like the victims, Vale also did not deserve what happened. “No one deserves to lose a family, and never to recover. And it’s not just the people; Vale, in its history, also didn’t deserve it. At some point, someone acted carelessly, or acted in a totally irresponsible manner,” he said.
Vale’s President, Gustavo Pimenta, reminded that Carajás has enormous potential for copper production, with one of the world’s five largest reserves. “Copper is one of the most important minerals to ensure the acceleration of the energy transition, electrifying the world,” he said.
The Minister of Mines and Energy, Alexandre Silveira, emphasized the importance of Brazil in mining. “Today, our mining represents 3% of the GDP, and the goal is to reach 6% in a decade,” he said.
The Governor of Para, Helder Barbalho, requested the president’s cooperation to take an old promise by Vale to complete the Northern-Southern Railway, which connects Azailândia (MA) to Vila do Conde (PA). “It will be an important legacy for the Para economy and the country,” he said.
Overall, the event marked a new chapter in the mining industry in Brazil, with the country’s government and Vale committing to significant investments in the sector. The expansion of iron and copper mining in Carajás is expected to have a significant impact on the country’s economy and will be a key player in the transition to a low-carbon economy.
