Vale (RIO) to Invest $2B in Projects to Generate Electricity -DJ
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Dow Jones is reporting that Brazilian miner, Vale (NYSE: RIO), plans to invest about $2.1 billion in projects to generate electricity at its mines. According to Estado, a Brazilian newswire, Vale expects to be generating electricity from this investment by the beginning of 2011.
Tito Martins, Vale's Executive Officer for Corporate Affairs, told Estado that the Company has already invested about $760 million in producing electricity that it uses at its own mining sites. Furthermore, Martins said Vale's plans focus on increasing output from coal-fueled thermoelectric plants.
Shares of Vale are down nearly a percent to $36.36 amid a sell-off in the market for crude oil, which is down to about $109.60.
Companhia Vale do Rio Doce (Vale) is a diversified metals and mining company. [BCS]
Tito Martins, Vale's Executive Officer for Corporate Affairs, told Estado that the Company has already invested about $760 million in producing electricity that it uses at its own mining sites. Furthermore, Martins said Vale's plans focus on increasing output from coal-fueled thermoelectric plants.
Shares of Vale are down nearly a percent to $36.36 amid a sell-off in the market for crude oil, which is down to about $109.60.
Companhia Vale do Rio Doce (Vale) is a diversified metals and mining company. [BCS]
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