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FINANCIAL NEWS
Brazil’s Vale to boost investments in Oman’s mining sector
27 Dec 2011
(MENAFN) Vale’s Head of Business and Strategic Affairs, Najla Al Jamali, said that the world’s second-biggest mining firm would invest USD12.9 billion in 2012 to implement mining projects in Oman and worldwide, reported Gulf News.
Al Jamali added that the company would also set up a virtual iron ore mine in the Sultanate to expand its services to the region’s growing steel industry, moreover, the firm would boost its output capacity and technologies, which would strengthen Vale’s investments and increase Oman’s steel production.
On the other hand, she also said that Vale’s palletizing plant in Sohar would attract downstream industries and large multi-national firms.
It is worth noting that Vale, which will also invest USD2.4 billion in research and development and USD6.1 billion in existing operations, is the largest private company in Latin America, and has operations in 38 countries, with more than 126,000 employees and contractors.
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