Vale says to invest $15-20 bln in Africa over 5 years

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Brazilian mining giant Vale plans to invest in $15 billion to 20 billion in projects in Africa over the next five years, up from $2.5 billion spent on projects there so far, the firm said. The world's largest iron ore miner said it could become one of the top three copper producers on the continent, where there are high grades of the metal, but it is also targeting significant investments in coal and iron ore.

Vale and a number of other Brazilian firms have expanded their interests in Africa under President Luiz Inacio Lula da Silva, who steps aside this year, having led a diplomatic push onto the continent and urging Brazilian firms to invest there. The company said it would invest between $15 billion and $20 billion, with most of the money spent in Mozambique, Zambia, Guinea and Liberia. It said total investment in Africa so far was about $2.5 billion but as most of the projects were in the exploration phase, there was a chance to significantly increase its investment...