Muscat: Vale is creating a "virtual iron ore mine" in Oman to better serve the growing steel industry in the region, said Najla Al Jamali, Vale's Head of Business and Strategic Affairs at the recently held Invest In Oman 2011 Forum, organised by the Oman Chamber of Commerce and Industry.
Vale is the second biggest mining company in the world and the largest private company in Latin America. Headquartered in Brazil and operating in 38 countries, Vale employs more than 126,000 people, including employees and contractors.
Vale has announced that next year it will invest $12.9 billion (Dh47.34 billion) to implement projects, $2.4 billion in research and development and $6.1 billion in existing operations.
Al Jamali reinforced Vale's commitment to the Sult-anate affirming that the company's future plans to upgrade its production capacity and technologies will further consolidate its investments and help solidify the country's position to become a base for integrated steel production.
She said: "By establishing one of its largest pelletising plants in Sohar, Vale will create a natural pull for downstream industries which will therefore attract large multi-national companies."
