Vale to Invest $1.5bn in Brazilian Belo Monte Dam

2 May 2011 (Last Updated May 2nd, 2011 18:30)

Brazil-based mining company Vale has agreed to purchase a $1.5bn stake in the Belo Monte dam project in the Amazon, to meet the rising nation's power needs. The Belo Monte project is held by Brazil's Bertin Group, which will purchase a 9% stake in the Norte Energia consortium that is cons

Brazil-based mining company Vale has agreed to purchase a $1.5bn stake in the Belo Monte dam project in the Amazon, to meet the rising nation's power needs.

The Belo Monte project is held by Brazil's Bertin Group, which will purchase a 9% stake in the Norte Energia consortium that is constructing the project.

Once complete, the $11bn hydroelectric dam will provide energy sufficient to power 23 million homes, reports the Wall Street Journal.

Construction of the Belo Monte dam has been resisted by environmental groups for a long time due to concerns over the anticipated impact upon the region.