Vale to hold hearing on Bacaba copper project in Brazil

Vale (NYSE: VALE) will hold a public hearing at the end of October as part of the process to advance its $500 million Bacaba copper project in Brazil’s northern state of Pará.

The company’s plan is to replace production from the depleting Sossego open pit mine with output from the new copper operation by 2026.

Bacaba will use Sossego’s infrastructure, guaranteeing its operation for at least another eight years, Vale said.

The miner noted the project involves mining activities and the transportation of ore for crushing and processing at the Sossego Operating Unit, located around 10 km from the Bacaba deposit.

Vale is on track to produce between 320,000 and 355,000 tonnes of copper this year, but it sees the potential to expand production capacity to about 500,000 tonnes of copper by 2028.

The miner said that improvements to its Salobo and Sossego mines in Brazil will help achieve the production goal. Last year, it produced 321,000 tonnes metal last year.

Vale, a top iron ore and nickel producer, has fallen behind when it comes to copper, its new chief executive, Gustavo Pimenta, said earlier this month.

The company owns 90% of Vale Base Metals, which groups together its nickel and copper assets.