Vale to restart work on $495m Capanema project

Bruno Venditti | December 21, 2020 | 3:59 pm News Iron Ore 
Vale gets licenses to start work on $495 mln Capanema project
Credit: Vale

Vale has received licensing to start work on the Capanema transport project near its Timbopeba site, with an estimated $495 million of investment due ahead of an expected start-up in the second half of 2023.

The miner said on Monday that the Capanema project, located in the
municipalities of Santa Bárbara, Ouro Preto, and Itabirito, in Minas Gerais State, will add net capacity of 14 million tonnes per year at the Timbopeba site.

“The start of the construction works of Capanema Project marks another important step in productive capacity buffers creation, ensuring greater operational flexibility with low capital intensity,” said Vale CFO Luciano Siani Pires.

The project includes investments in the Capanema mine to resume operations, acquire new equipment, implement a long-distance belt conveyor and adjust the Timbopeba stockyards, the company said.

8 0

Mining.com Recommends

More Iron Ore News