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Investing.com -- Brazilian mining company Vale has confirmed plans to invest 70 billion reais ($12.26 billion) in its Carajas complex in northern Brazil by 2030. The announcement was initially made by Brazil's presidential palace on Wednesday, and Vale corroborated the investment plans in a recent statement.
The Carajas complex, located in Brazil's Para state, is Vale's most significant iron ore production facility. Last year, it produced 177.5 million metric tons of iron ore, accounting for over half of the company's total output of the steel ingredient during that period.
Vale anticipates that iron ore production at Carajas will increase to 200 million tons annually by 2030. This increase is expected to be facilitated by various initiatives, including the expansion of its Serra Sul mine. In addition, the company projects a 32% growth in its copper production at Carajas, reaching approximately 350,000 tons by 2030.
Vale will be hosting an event with Brazilian President Luiz Inacio Lula da Silva later on Friday to share more details about the investment plan. The planned investments for the "New Carajas" initiative align with the company's current guidance.
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