Vale S.A. (NYSE: VALE) said on Monday that it has obtained a preliminary environmental licence for its Bacaba copper project in Pará state.
The miner expects to invest about $290 million during the project’s implementation phase.
The Bacaba project is designed to extend the operational life of the nearby Sossego mining complex, contributing an average of approximately 50,000 tonnes of copper per year over eight years of operation, with production scheduled to begin in the first half of 2028.
“This is the first in a series of copper projects that Vale intends to develop in the Carajás mineral province, as part of a strategic plan to double its copper production capacity over the next decade,” the company said in a statement.
Following the news, Vale shares jumped 3.4%, trading at $9.77, giving the company a market capitalization of approximately $42 billion.
In addition to copper development in Brazil, Vale owns 90% of Vale Base Metals, which groups together its nickel and copper assets. Manara Minerals, a joint venture between Saudi Arabian miner Ma’aden and Saudi Arabia’s Public Investment Fund, acquired the remaining 10% stake in 2024.
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Vale S.A. (NYSE: VALE) said on Monday that it has obtained a preliminary environmental licence for its Bacaba copper project in Pará state.
The miner expects to invest about $290 million during the project’s implementation phase.
The Bacaba project is designed to extend the operational life of the nearby Sossego mining complex, contributing an average of approximately 50,000 tonnes of copper per year over eight years of operation, with production scheduled to begin in the first half of 2028.
“This is the first in a series of copper projects that Vale intends to develop in the Carajás mineral province, as part of a strategic plan to double its copper production capacity over the next decade,” the company said in a statement.
Following the news, Vale shares jumped 3.4%, trading at $9.77, giving the company a market capitalization of approximately $42 billion.
In addition to copper development in Brazil, Vale owns 90% of Vale Base Metals, which groups together its nickel and copper assets. Manara Minerals, a joint venture between Saudi Arabian miner Ma’aden and Saudi Arabia’s Public Investment Fund, acquired the remaining 10% stake in 2024.