The Government of Argentina signed on this Thursday an agreement allowing Vale to build a railroad in order to bring the production of the Rio Colorado potassium mine to a port that will be built in the city of Bahía Blanca, on the Atlantic.
“This project is the largest in the world in terms of potassium, which is one of the essential nutrients for agriculture”, said the president of Argentina Cristina Kirchner in the act of signing the agreement.
Vale will invest $1.1 billion to build a new 370-km railroad length and in the renewal of 750 km of existing tracks.
This stretch will join the potassium processing plant, located in the province of Mendoza, west of the country, to a port in Bahía Blanca, located about 700 kilometers south of Buenos Aires, from where the production will be exported.
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Once the operation is ceased, within about 50 years, the railroad will be transferred without costs to the Argentine state.
The Rio Colorado project will generate 12,000 jobs and will cover a total investment of $6.45 billion, also including the construction of a power plant.
Potassium reserves of this mine reach 430 million tons, and the production capacity can reach 4.35 million tons annually, according to calculations by the company.
Cristina Kirchner stated that thanks to this project, which should begin operating in the second half of 2014, Argentina will become the third largest exporter and fifth largest producer of potassium worldwide.
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