Vale expects research, innovation investments to top $400 million in coming years
Adds quotes from executive, details from paragraph 3
BELO HORIZONTE, Brazil, Sept 11 (Reuters) -Brazilian miner Vale VALE3.SA expects to invest more than $400 million in research, development and innovation (RD&I) annually in the coming years, the firm's executive vice president of technical affairs told Reuters.
In 2023, the company invested $447.8 million in RD&I.
"The idea is to keep it more or less on that scale," Rafael Bittar said in a Tuesday interview on the sidelines of a mining congress in Belo Horizonte.
"Maintaining this level of investment, which is a relatively high one, is what enables us to implement our entire RD&I strategy to support our future Vale strategy."
The executive acknowledged that the way the company operates today probably will change over time.
"Things are changing and we have to be able to be prepared for this future and also anticipate what might happen."
As an example, Bittar said that his technical area has a road map of what future mining might look like, forecasting comprehensive use of autonomous equipment, control centers, minimally invasive techniques and enough subsoil knowledge to extract only what is needed, with zero waste, rejects and carbon.
According to Vale data, the firm currently has some 800 people dedicated to innovation in Brazil and 11 RD&I programs, in addition to six RD&I centers and 12 innovation hubs employing around 500 people.
Reporting by Marta Nogueira; writing by Luana Maria Benedito; editing by Gabriel Araujo and Elaine Hardcastle
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