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Vale (NYSE:VALE) unveiled plans to spend as much as $3.3B on improvements at its mining operations in Brazil and Canada to help increase copper and nickel production capacity over the next four years, Bloomberg reported Thursday.
Vale (VALE) said in a securities filing it sees the potential to expand production capacity to ~500K tons of copper by 2028, mostly through improvements to its Salobo and Sossego mines in Brazil, after producing 321K tons of the metal last year.
The miner said it anticipates “early wins” with initiatives such as reducing idle capacity at its Sudbury mine in Canada using its own sourced metals; it estimates a 5% increase in copper output and a 10% boost for nickel by 2026 compared to December estimates after an initial $800M investment.
Separately, Vale (VALE) also said it hopes to conclude a deal in the coming days with Para state’s environmental agency in Brazil to resume activities at the Onca Puma nickel mine.