Brazil's Vale Wins OK For Massive Amazon Mine

(RTTNews) - Mining behemoth Vale (VALE) won a 10-year operating license for the exploration of S11D iron ore mine in the Amazonian state of Para.

This is the largest iron ore project in the history of the company and in Brazil's mining industry, according to reports. The massive mine is expected to produce about 90 million tons a year, compared to the company's overall target of 340-350 million tons in 2016.

S11D is Vale's largest-ever investment, valued at about $17 billion. It is expected to start operations before year-end, with first shipments slated for in early 2017. Last year, Vale told that S11D would help the company lower its cash costs per ton to below $10 from the current $12.30.