Vale, Jinnan invest $627m in iron ore plant in Oman

Vale (NYSE: VALE) and Chinese steelmaker Jinnan Iron & Steel Group announced on Monday a joint investment of $627 million in an iron ore concentration plant in Oman.The facility will be located in Sohar, a port city about 200 kilometers from the capital, Muscat, and will have the capacity to process 18 million tonnes of iron ore starting in 2027.Vale will invest $227 million to connect the plant to its pelletizing facilities in the region. Jinnan will invest approximately $400 million to build and operate the plant, which it will own.The iron ore will be transformed into a higher-quality concentrate for the production of premium pellets and, in the future, briquettes, with a reduced environmental impact.“This project brings together Brazil’s capacity to produce high-quality iron ore and Oman’s prime location and infrastructure to enhance integration between the two countries, while also reinforcing our partnership with China through Jinnan,” said Vale CEO Gustavo Pimenta.This marks Jinnan’s first project in Oman, supporting the country’s industrial ambitions.Vale intends to replicate this investment model across its Mega Hubs. The miner has announced three Mega Hubs in the Middle East (Oman, Saudi Arabia, and the United Arab Emirates) and has signed agreements to develop similar projects in Brazil and the United States.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com