Brazil-based mining giant Vale has approved a plan to buy a stake in the 11,200-MW Belo Monte hydro project in Brazil's Amazon, new agencies reported.
Under the plan, Vale agreed to buy a 9 percent stake in Norte Energia, the consortium that runs Belo Monte, according to a securities filing.
Vale said it is buying out the stake in the Belo Monte hydro project held by Brazil's Bertin Group, known mainly as an agriculture concern, The Wall Street Journal reported.
Vale expects to pump about 2.3 billion reais (US$1.5 billion) into Belo Monte, reports indicate.
The Belo Monte hydro project, to be built in Para state on the Xingu River, has faced several delays to its construction. In March, earthmoving works began at the site of the dam and hydro project.
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