Vale will invest 10.1 billion dollars in Serra Sul iron ore mine in Brazil

摘要

Vale, formerly Cia Vale do Rio Doce (CVRD) announced that it will spend 10.1 billion dollars to construct the Serra Sul Mine in Brazil's Amazon region to meet rising demand for iron ore from Chinese steelmakers. The mine is expected to produce 90 Mt/a (88 million ltpy) after opening in the first half of 2012. Serra Sul would be the world's second-largest iron ore mine after the company's Carajas Mine. Vale already supply's more than a third of the world's iron ore exports and it is developing more new projects than any other mining company. The company will spend 59 billion dollars, during the next five years to build them and expand existing sites. Iron ore sold on spot markets has more than doubled to about 100 dollars/t (101 dollars/long ton) in the past year.