Vale (RIO) to Invest $2B in Projects to Generate Electricity -DJ
Tweet
Share
E-mailGet Alerts RIO Hot Sheet
Join SI Premium – FREE
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]
You May Also Be Interested In
- Erste Group Downgrades Rio Tinto (RIO) to Hold
- This Gold Miner's Margin Per Ounce Just Went From $914 to $2,401
- Rio Tinto celebrates 60 years in Western Australia
Create E-mail Alert Related Categories
Corporate News, Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
