According to a Brazilian government minister, the world's largest iron ore producer Vale is planning to move into rare earth mining as part of Brazil's efforts to compete with China in this sector, the London-based Financial Times has reported.
"Vale would bring big benefits to Brazil by entering into this rare earth market, and I think it is an important thing for the West as a whole. It would also benefit Vale as a company," Brazil's Science and Technology Minister Aloizio Mercadante stated.
Brazil-based Vale has confirmed that it is looking at investing in the production of rare earths, though it has added that the project remains at a preliminary stage.
Its large rare earth reserves would enable Brazil to become a key exporter in the future as well as a supplier to its own technology industry, according to Minister Mercadante.