Murilo Ferreira, Chief Executive Officer, Vale SA (C) Bloomberg.
REGINA, CANADA: Vale SA, the Brazilian mining giant, informed that it is postponing a $3 billion potash project in Saskatchewan, Canada. The huge mine was to be developed near Kronau (crow-now), a small community southeast of Regina. The mine was expected to produce up to 2.9 million metric tonne of potash per year, a key ingredient in fertilizer.
The company may delay other investments as it seeks to contain spending and focuses on the expansion of its biggest mine, said Murilo Ferreira, Chief Executive Officer, Vale SA, while speaking to reporters during an event in Rio de Janeiro.
The world’s largest iron-ore producer is committed to “cost austerity,” said Ferreira. Vale’s priority is the expansion of its $8.04 billion Serra Sul investment in Carajas, the world’s largest iron-ore mine, which is the company’s biggest project ever, informed Ferreira, as reported by Bloomberg. “Certainly it won’t be implemented now,” said Ferreira. “We have other” projects that may be postponed too, he said, declining to name them “because it needs to be announced to shareholders first.”
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