Vale receives new mining concession in Brazil

Brazil-based miner Vale (NYSE: VALE) received approval for a new mining concession to develop an iron ore deposit in the eastern state of Minas Gerais, reports Reuters.

Work on the 387-hectare property will start in about six months.

The company is obliged to produce 20 million tonnes per year from the reserves of 64.9 million tonnes.

Although the Brazilian government has not approved the country's new mining code, it is including clauses in new concessions that miners must comply with the code when it is finalized.