I'm sure you'll all be excited.
Brazil Iron-Ore Discovery May Top Vale’s Carajas
By Lucia Kassai
Sept. 2 (Bloomberg) -- Brazil discovered an iron-ore deposit that may be the world’s largest, topping Vale SA’s Carajas mine, a government official said.
The new deposit in Mato Grosso state may contain 11.5 billion metric tons of ore with 41 percent iron content, state Secretary Pedro Nadaf said. State and federal officials haven’t yet determined if the deposit is commercially viable, he said.
“This could be even bigger than Carajas,” Nadaf said today in a telephone interview from Cuiaba, Brazil. Carajas, the world’s biggest iron-ore mine, has 7.1 billion tons of proven and probable reserves, according to Vale, the world’s largest producer of the steelmaking raw material.