Brazil´s mining giant, Vale, has approved additional funding for its Moatize coal mine in Mozambique as part of its investment budget for 2010.
The company said in a press statement issued Wednesday that it has approved a total package of $12.9 billion to support operations underway and promote the growth of the company by research and development and execution of projects in several countries around the world.
“The prospect is to continue investing in increasing production capacity of copper, coal and fertilizer, although iron ore and nickel are the company’s main business,” reads the document availed to APA.
The company, which has a 25-year concession license in Mozambique has already invested over US$2 billion in its Tete project in Mozambique´s northern region.
Vale said, of the investments approved for 2010, Moatize is the third biggest beneficiary after the Carajás project and in Serra Sul both in Brazil with $1.126 billion and Salobo in Colombia with $600 million.
Vale plans to reach, by 2014, production of some 450 million tonnes of iron ore, 380,000 tonnes of nickel, 650,000 tonnes of copper, 30 million tonnes of coal, 3.1 million tonnes of potassium and 6.6 million tonnes of phosphoric rock from all its projects worldwide, the release said.
Source African Press Agency
