Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
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,” Vale CFO Luciano Siani Pires said in a media statement.
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.
