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JOHANNESBURG (miningweekly.com) – In June, Brazilian diversified mining major Vale, the world’s second-biggest mining company by market capitalisation, reaffirmed that it is set to make major investments in Africa by 2016.
“Our current investment proposal in Africa is to expend more than $12-billion over the next five years, subject to board approval,” Vale Zambia exploration manager Ian Hart told the recent first Zambian International Mining and Energy Conference and Exhibition, in Lusaka.
The peak year in this programme will be 2012, which should see the company invest $3.3-billion in the continent. As of April this year, Vale’s investment in the continent totalled $2.5-billion, reported the Financial Times.