Brazil-based miner and iron ore exporter Vale plans to build its own coal terminal in the Australian state of Queensland, as it expands production from three to nine mines in Australia.
Vale aims to apply for the building of one of the four new export terminals being planned as part of a A$6.2 billion ($6.5 billion) expansion at the Abbot Point coal port, said Steve Badenhorst, Vale's director of operations for Australia.
Meanwhile, Vale is spending $24 billion globally this year on resources investments, including developing coal mines in Colombia and Mozambique. "We want coal to be the third-biggest revenue stream at Vale, behind iron ore and fertilizer," Mr. Badenhorst stated during a conference.
Vale's coal output in Australia this year may be less than the planned 8 million metric tons of coal because of flooding earlier this year and a dispute over shipping with joint venture partner Aquila Resorces Ltd.