Vale pumping in $443m to Lumut project in 2013

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, Seatrade Asia online reports.

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.