Brazil-based mining giant Vale has received an exploration license for its new Konso, Ethiopia mining project from the Ministry of Mines. Vale plans to explore and extract a number of minerals in Ethiopia, including iron ore and gold. Vale is the first Brazilian company to make investments in Ethiopia.
The Ethiopian project is just one of many for Vale in the works. In late November, Vale announced that it approved an investment budget of $21.4 billion for 2012, with $12.9 billion directed toward project execution and the company currently has 20 projects that have been approved by its Board of Directors and are under construction.