Brazilian miner and iron ore producer Vale achieved the needed licensing to commence its Capanema project, which aims to reactivate the Capanema mine in the state of Minas Gerais, the company said on Monday.
Vale plans to reactivate the mine, acquire new equipment, and set up a long-distance iron ore transport system, which will connect the Capanema area to its Timbopeba mine. Vale will invest $495 million in the project. Vale said it expects to start-up the project by H2 2023.
The mine will have an iron ore capacity of 18 million mt/year, adding 14 million mt/year of capacity “in the first years,” the company said.