SAO PAULO/BRASILIA, Feb 14 (Reuters) - Brazilian miner
Vale said on Friday it expects to raise iron ore
production in its main complex Carajas, in northern Brazil, by
nearly 13% through 2030 as part of a 70 billion real ($12.26
billion) investment plan in the region.
Brazil's presidential palace announced the investment on
Wednesday, and Vale unveiled details on Friday at an event
attended by Brazil's President Luiz Inacio Lula da Silva.
Vale is among the world's largest iron ore producers.
Carajas, in Brazil's Para state, is the miner's main output
complex for the steel-making ingredient.
In Carajas, Vale produced 177.5 million metric tons of
iron ore last year, more than half its total output of the
commodity in the period.
Vale said on Friday it expects iron ore production in
the complex to reach 200 million tons per year by 2030, with the
boost coming from moves such as the expansion of its Serra Sul
mine.
At the event, Lula said the election of Gustavo Pimenta
as Vale's chief executive
last year
was an opportunity to realign Vale's interests with
Brazil's interests.
He and his cabinet members had complained in the past
about Vale's lack of investment in Brazil and delays in repair
after a 2015 dam collapse. An agreement was
ultimately sealed
in October.
"It is important that Vale takes into account that it
has to distribute dividends to shareholders," Lula said. "But it
is also important that it takes into account that it has to
invest in order to grow, to generate jobs".
Minister for Mines and Energy Alexandre Silveira said
the government has seen signs of improvement under Vale's new
management.
Apart from iron ore, Vale said it sees its copper production
at Carajas growing by 32% to about 350,000 tons by 2030 with the
investment plan, dubbed "New Carajas".
The company said the investments toward the plan are in
line with its guidance.
($1 = 5.7110 reais)