Brazilian miner and iron ore producer Vale said on Friday it will invest $1.5 billion to expand capacity at its Carajas complex to 120 million mt/year.
Vale said the expansion, named the Serra Sul 120 project, will add 20 million mt/year in iron ore capacity to both the Carajas mine and its S11D site.
Vale said it expects the project to start up by H1 2024.
The project includes new iron ore areas, new beneficiation lines, as well as increased stocking areas.
As part of the $1.5 billion project, Vale will invest $385 million to duplicate its existing long-distance belt conveyor (TCLD).
Vale said that, as a result of the forecasted investments, its northern system will reach by 2024 a combined 260 million mt/year capacity.
The miner said that due to Covid-19, it will soon update its investment guidance for 2020.