Vale SA plans to invest $11.3 billion in an iron-ore mine in northern Brazil, IG reported, without saying where it obtained the information. The mine, scheduled to begin operating in 2013, will have capacity to produce 90 million metric tons a year of the steelmaking raw material,

the Sao Paulo-based news service said.

The mine will be located in the same region Vale operates Carajas, the world’s largest iron-ore mine, IG said.

Source: Bloomberg

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