Vale SA has signed a protocol of intentions to invest USD 5.27 billion in the key mining state of Minas Gerais. According to a Vale statement, the investment will be made in developing a new iron ore mine and two ore processing units. The Apolo mining project will produce 24 million tonnes a year of iron ore and may be expanded later on. The statement said that Apolo is awaiting an environmental license and should start up in 2014. Apolo will be served by a new 20km railroad link. An iron ore processing unit will be built at the Conceicao mine at Itabira. It will process 12 million tonnes a year of ore and produce sinter and pellet feed. Work here is expected to start in October 2010 and finish in 2012.
