Vale is pushing ahead with a $2.7 billion investment plan to expand iron ore output in Brazil's Amazon region, betting that demand for high-grade iron ore will remain strong amid a softening overall market, media reported.
Vale, which reported during a site visit last week that it has unearthed the world's largest and richest open-pit mine in the forested mountains of Carajás, is on track to add 30 million mt of capacity. The mining of the S11D mine is part of Vale's plan to be able to supply 260 million mt of iron ore from its northern operations by 2025.
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