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HomeMaritime NewsRegionsAsiaVale pumping in $443m to Lumut project in 2013

Vale pumping in $443m to Lumut project in 2013

Vale pumping in $443m to Lumut project in 2013
Lumut: In the next year, Vale has announced plans to invest $443m in capital expenditure on the ongoing construction of a marine terminal and stockyard at its iron ore distribution centre in Lumut, Perak.

The amount is a third of the total amount allocated for terminal and stockyard, the company disclosed in a press release detailing its
investment budget for 2013.

Under the first phase of its investment, Vale is spending $1.37bn to set up a regional distribution centre, plus a designated port at Teluk Rubiah in Lumut. The stockyard is designed to be able to handle 30m tonnes of iron ore annually and can be expanded to take a maximum capacity of 60m tonnes per annum.

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