Vale announced that its Board of Directors has approved the signature of a leasing contract of potash assets and mining rights with Brazilian oil company Petrobras for a period of 30 years, allowing for the continuation of potash mining in Taquari-Vassouras and the development of the Carnalita project (set to become the largest Potassium extraction plant in Brazil), in the state of Sergipe, north-eastern Brazil.
The leasing contract will ensure the extension of operations at Taquari-Vassouras, the sole potash producer in Brazil and one of only two producers in South America, finalizing the development of the Carnalita potash project - still subject to approval by Vale's Board of Directors - and the study and development of other areas within the concession.
The contract is aligned with our growth strategy of becoming one of the leading global players in the fertilizers industry. Vale intends to invest US$ 15 billion by 2020 in the expansion of it operations and new units.