Belvedere is a project of underground coal in the Bowen Basin region, near the town of Moura in Queensland, Australia. According to the company’s preliminary estimates, once the Belvedere has the potential to reach production capacity of up to 7 million metric tons of metallurgical coal per year.
The price of this transaction has been agreed prior to the announcement made by the Australian government about the proposed creation of the Resource Super Profits Tax, a new tax to be established on the mining companies.
Vale said that investment in the coal business are an important part of its strategy. The company has coal operations and a portfolio of exploration projects in Australia and Colombia, and minority interest in two joint ventures in China.
Parallel to the development of Moatize project in Mozambique, CVRD has several research initiatives, and mineral exploration in several other countries.
