Vale approves early renewal of iron ore railways

Wednesday, 16 December 2020 21:52:39 (GMT+3)   |   Sao Paulo
       

Brazilian miner and iron ore producer Vale has approved the additive terms for the early renewal of two iron ore railway concessions, the company said on Wednesday.

Vale said its board approved the terms, so the company can extend two iron ore railway concessions to 2057 from 2027. Vale said the achievement de-risks the company’s logistics plans.

“The early renewals eliminate a lot of uncertainty about the continuity of a relevant part of our integrated logistics chain,” said CEO, Eduardo Bartolomeo.

Vale obtained the early renewals for both its Estrada de Ferro Carajas (EFC), which transports iron ore to and from its Carajas mine, as well as its Estrada de Ferro Vitoria to Minas, EFVM. The company committed to execute investments of $5.1 billion by 2057, including concession fees and improvements in the railways’ infrastructure.


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