Author: Paul Ploumis22 Aug 2014 Last updated at 08:04:11 GMT

BRASILIA (Scrap Monster): 20 billion dollar worth plan is expected to start its production by 2016 and will reach their target of 90 million tonnes per year by 2018. The statement released by the company said that, Ibama, Brazil’s Environmental Regulator had granted the company the preliminary license for expansion. The company is planning to expand their Morro I, N4WS, Morro II and N5S projects at the Carajas Complex. This process will probably add 1.8 billion tonnes into the company’s reservoir.

Carajas, a remote area in the amazon rainforest posses world’s largest iron ore deposit of about, 7.2 billion tones. This project accounts 35% of Vale’s annual production, which is approximately, 300 million tones.

The Vale was given the permission of the Environmental Protection Agency of Brazil, to build a railway expansion worth 19.5 billion dollars, to Serra Sul mine, a part of Carajas complex.