1. Cia. Vale do Rio Doce, the Rio de Janeiro-based world's largest producer of iron ore and nickel, increased this year's spending plan by more than $1 billion to speed expansion of metals production and make up for a weaker dollar.
2. More than half of the increase, or $575 million, will go to nickel and copper mines in Brazil and on the Pacific island of New Caledonia. (Vale's planned nickel investments include $938 million at the Goro mine in New Caledonia and $658 million for Onca Puma in Brazil.)
3. It will increase iron-ore investments by 14 percent to help meet strong demand. (Iron-ore investments of $1.87 billion include $417 million for its Itabaritos mine and $111 million for the Fazendao mine in Brazil's central highland state of Minas Gerais. Vale is also studying the possibility of building an iron-ore mine in Brazil's Carajas region)
4. It will spend $115 million expanding its Paragominas bauxite mine and $520 million at the Barcarena alumina refinery.
5. The company may build a 600-megawatt coal-fired power plant to serve the operations.
6. Vale is moving to increase output as metal prices soar. (Iron ore has more than doubled in two years and nickel reached a record high on April 24).
7. It plans to accelerate its efforts to expand
8. Construction at the Moatize coal mine in Mozambique is set to start this year after Vale negotiates a rail contract
9. Vale and Boasteel Group Corp. also may build a $4 billion steel-slab mill in Rio de Janeiro or Espirito Santo states
To sell more you need to produce more. What is a carbon footprint? What is resource depletion? What is sustainable development?
[Click here for full story at: BLOOMBERG.COM]
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