Vale invests $12 billion in expansion of the Carajas field

Brazilian mining company Vale is investing 70 billion reais ($12.2 billion) to expand its iron ore and copper mining operations at the Carajas complex in northern Brazil, Reuters reports, citing the country’s authorities.

The investments will be made until 2030.

Carajas in the state of Pará is Vale’s largest iron ore mining complex. Last year, production here amounted to 177.5 million tons, or more than half of the company’s total production of raw materials for the period.

Vale has faced criticism from the Brazilian authorities in the past. Last year, the Minister of Mines complained about the company’s lack of investment in the country and delays in concluding a repair agreement after the dam collapse in 2015, which was eventually signed in October 2024.

In January, Vale CEO Gustavo Pimenta held his first official meeting with the Brazilian president, during which he emphasized that there is a «huge convergence» between the company’s projects and the country’s development program.

Vale also produces copper and nickel in the state of Pará at three mines.

As GMK Center reported earlier, Vale has gained full control of the Baovale iron ore project. The company bought a 50% stake in its joint venture from China’s Baosteel. The deal has yet to be approved by the Brazilian antitrust authority CADE. This regulatory review is a standard procedure for significant acquisitions and mergers in Brazil. The company refrained from disclosing financial details of the transaction.