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Vale encouraged to make investment in Brazil

Date added: 9th February, 2010 at 08:20
(view all articles from February, 2010)

Categories: Economy

Luiz Inacio Lula da Silva has encouraged mining company Vale SA to make a bigger investment in Brazil.

Energy and mining minister Edison Lobao said the president wanted Vale to make a larger investment in Brazilian steelmaking than the $17 billion (£10.89 billion) it has promised so far, reports Bloomberg.

He said: "We are thinking about imposing an export tax on iron ore and removing taxes on finished and value-added goods such as steel and steel plates."

China currently imports iron ore from Vale, the biggest producer of the substance in the world, and then exports steel plates back to Brazil.

An investment in Brazil to build steelmaking facilities would create jobs and boost the manufacturing industry in the Latin American country, as well as making it less reliant on imports, strengthening its economy.

Vale is seeking to diversify into other markets after buying Bunge's fertiliser assets for $3.8 billion (£2.4 billion) earlier this year.ADNFCR-1477-ID-19604286-ADNFCR

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