The company plans to move forward with the plan only once the feasibility study at its Zinnwald project is completed, in the second quarter of next year.
Larco, which is 55% owned by the Greek state, owes about 280 million euros in unpaid electricity bills to state-controlled power utility Public Power Corp.
Vale has focused on sales of better quality iron ore, mostly from its S11D project in Pará state, as demand for the cleaner and less polluting product rises in China, its main market.
