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Vale expands production capacity at Salobo copper mine
Brazil’s mining giant Vale (NYSE:VALE) has announced that its Salobo mine has reached a capacity of 32 million tonnes per annum (Mtpa), following the successful completion of the throughput test for the first phase of the Salobo III expansion project. The US$1.1 billion expansion plan, launched in 2019, is set to increase the mine's throughput capacity to 36 million t/y by the final quarter of 2024. "This achievement is a significant milestone under the Salobo streaming agreement with Wheaton Precious Metals," Vale said in the statement. Under the terms of the deal with Wheaton, Salobo will receive US$370 million ... (full story)