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Saturday, January 28, 2012

Vale gets license to mine high grade iron ore pit at Carajas mine

Saturday, 28 Jan 2012

Brazilian miner Vale SA is granted an operation license to mine a high grade iron ore pit at Carajas in north Brazil.

The license, granted by environmental authorities, will allow Vale to mine the N5 Sul pit, which is part of the N5 mine in the Serra Norte mining site at Carajas in Para state. This operation will support quality enhancement in iron ore production in Carajas in coming years.

Mr Tito Martins CFO of Vale said that the company is seeking to bring new iron ore reserves into production as reserves at some of its long standing mines, particularly in southeast Brazil, become depleted, reducing the iron content of the ore produced. Iron ore is the key raw material in steelmaking.

Carajas, where Vale already has extensive mining operations, has some of the world's highest quality iron ore reserves but its location in the Amazon has made environmental licensing a challenge in recent years.

The operation license now granted allows the opening of a new ore body in the N5 mine, which has the highest ferrous content within Vale's portfolio, strengthening Vale's position as a producer of high quality iron ore to global markets.

(Sourced from Dow Jones Newswires)

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