Brazilian metals and mining company Vale's board is close to approving a $1 billion expansion of its Salobo copper mine as the company seeks to diversify and take advantage of growing international demand for the metal.
The expansion was on the agenda and expected to be approved at an October 24th board meeting scheduled to discuss Vale's quarterly results.
The Salobo mine, in Brazil's Para state, began operations in 2012 and produces nearly 200,000 tons annually.
Vale has said that it expects to grow its base metals business, especially nickel, copper and cobalt.