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Brazil’s Vale to Invest $12.9B in Worldwide Mining Projects

Brazil's Vale, the world's second-biggest mining company, has announced plans to invest $12.9 billion to implement mining projects in various parts of the world in 2012.

Najla Al Jamali, Vale's Head of Business and Strategic Affairs, during the recently concluded "Invest In Oman 2011 Forum," also said Vale will allot $2.4 billion in research and development and $6.1 billion in existing operations for 2012.

In Oman, Vale announced it plans to upgrade its production capacity and technology in the sultanate by creating a "virtual iron ore mine," that will help boost the country's place as a base for integrated steel production in the region.

"Oman is at the forefront of industrially developing countries. By setting up one of its largest pelletising plants in Sohar, Vale will create a natural pull for downstream industries which will attract large multinational companies and provide a greater incentive for service industries in the Sultanate," Al Jamali said in a statement.

The venture capital will generate jobs and increase the standard of living for Oman's citizens, as contained in its Eighth Five-Year Plan 2011 to 2015.

Vale's total investments in Oman so far amount to $2 billion. It has awarded $ 317 million worth of contracts to local companies.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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