Jun 15, 2011 3:38pm GMT
LUSAKA (Reuters) - Brazilian miner Vale SA plans to spend over $12 billion on investments in Africa over the next five years, a mining conference heard on Wednesday.
Brazilian companies, like their Chinese counterparts, are keen on African resources to fuel their growth and the sum involved underscores the continent's growing importance as an investment destination.
"Our current investment proposal in Africa is to expend more than $12 billion over the next five years, subject to board proposal," Ian Hart, Vale's exploration manager in Zambia, told the conference.
He did not give a breakdown by country but the peak is seen in 2012 when $3.3 billion is seen being invested in the continent.
Some of the company's biggest African projects are in Mozambique, where its Moatize coal mine is seen producing 8 million tonnes of hard cooking coal by 2013/14 and 4 million tonnes of thermal coal. (sourced Thomson Reuters)
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