Vale to Invest in Peru Phosphate Project

Brazilian miner Vale plans to invest $479m in a phosphate project in Peru. The Bayovar project, located near the city of Piura in Northern Peru is expected to have capacity of 3.9m tons per year and will start production in 2010, Vale says. The project includes construction of a phosphate concentration plant, roads and a silo. Last week, Moody’s upgraded Vale’s global local currency rating to Baa2 (stable) from Baa3 (stable), highlighting strengthened financial metrics brought by robust metal prices.