Vale Plots Port Expansion

Brazilian miner Vale plans to pour $4.05bn into expanding a port in the northeast of Brazil over the next 4 years. The investments are to be made in annual $1bn installments, says the company. The main destination for the funds is the Ponta da Madeira port, in the state of Maranhao, where two piers will be built to complement the two already there. The company is increasing iron ore production in neighboring Para state and plans to use the port to ship materials to Europe via Rotterdam. Vale officials tell local press they plan to double production of iron ore at the site and therefore need to hike capacity. A company official says expansion is part of Vale’s previously announced $59bn capex program, declining to specify how it will be funded.