22 July 2011 22:52 [Source: ICIS news]
SAO PAULO (ICIS)--Brazil’s mining and fertilizer giant Vale plans to invest reais (R)3.5bn ($2.2bn, €1.5bn) in logistics and fertilizer operations in the next four years, the company said on Friday.
The resources will be used to expand Vale’s port activities in Santos, as well as extend its stockyards and build warehouses at the port, used for the transport of fertilizers. Vale and its commercial partners will provide the total investment.
The investments will increase cargo-handling potential to up to 16m tonnes/year, Vale said.
The investment is subject to approval by Vale’s board of directors, the company added.
($1 = R1.55) ($1 = €0.70)
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