SAO PAULO, June 27 (Reuters) - Brazil's Vale,

one of the world's largest iron ore producers, has defined how

to spend half of the planned 70 billion reais ($12.78 billion)in

investments under its "New Carajas Program," according to a

company director, who discussed details of the five-year plan

with journalists this week.

The executive said some of the projects are in the execution

phase.

He added that Vale is now seeking new "targets" under the

program to expand mines and increase its iron ore output to 200

million tons annually at the Carajas mining site, in addition to

increasing local copper extraction by 32%.

($1 = 5.4784 reais)