Brazilian miner and iron ore producer Vale said on Friday it will invest $1.5 billion to expand capacity at its Carajas complex to 120 million mt/year.
Vale said the expansion, named the Serra Sul 120 project, will add 20 million mt/year in iron ore capacity to both the Carajas mine and its S11D site.
Vale said it expects the project to start up by H1 2024.
As part of the $1.5 billion project, Vale will invest $385 million to duplicate its existing long-distance belt conveyor (TCLD).
Vale said that, as a result of the forecasted investments, its northern system will reach by 2024 a combined 260 million mt/year capacity.
The miner said that due to Covid-19, it will soon update its investment guidance for 2020.