The board of iron-ore major Vale on Thursday approved the Serra Sul 120 project, which will increase the S11D mine-plant capacity by 20-million tonnes to 120-million tonnes a year.
The project, located in the municipality of Canaã dos Carajás, would require $1.5-billion in investments over several years, the miner said in a statement.
The project’s start-up is expected in the first half of 2024.