RIO DE JANEIRO (AP) — Brazil-based iron ore producer Vale says it plans to invest $1.4 billion in a massive hydroelectric project in the Amazon rain forest.
The world’s largest iron ore producer said in a statement issued late Thursday that it will buy up to 9 percent of Norte Energia S.A., the consortium that will build the dam.
The $11 billion Belo Monte project would be the world’s third-largest such dam if completed, designed to produce 11,000 megawatts of electricity.
It has been widely criticized by environmentalists and celebrities, from film director James Cameron to rock star Sting. The critics say it’ll displace thousands of Indians and hurt the environment.
The government calls it a source of clean, renewable energy to fuel Brazil’s growing economy.