Brazil-based mining giant Vale has announced plans to invest $12 billion in Africa over the next five years. So far Vale has already invested $2.5 billion in iron ore mine, copper mine, coal mine and related infrastructure projects in Africa.
Former Vale CEO Roger Agelli stated that the widening and deepening of investments in Africa is one of their four main strategic aims, which will help the company to maintain strong and stable momentum in its development in the future.
In Mozambique, Vale has invested $1.66 billion in the Moatize coal project. Upon completion, it will possess an annual output of 11 million mt. Vale plans to invest another $4 billion in this region to construct railways and ports to export coal.
In Zambia and the Congo, Vale is respectively engaged in exploring the Konkola and Kalumines copper projects in a joint venture framework. It is expected that the total investments in question will reach $1 billion in the next five years. The Konkola copper mine is planned to be put into production in 2013 with an annual output of 100,000 mt.