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Brazilian miner Vale (NYSE: VALE) has been granted an environmental license for the N4-E pit, which is part of the Serra Norte iron ore mining site at Carajás in northern Pará state, the country's environmental regulator Ibama said in a statement.
The license allows for the deforestation of a 31ha area within a protected forest, conditional on some environmental mitigation plans.
Credit Suisse analyst Ivano Westin said in a note that the bank expects the new license will help Vale deliver its 2014 scheduled iron ore production of 312Mt, Reuters reported.
Vale's Carajás complex hosts the largest iron ore mine in the world, as well as the Onça-Puma nickel mine and processing plant. Vale also has a number of major projects in Pará such as the Serra Sul iron ore project, the Salobo II copper project and steel production facilities in Salobo.
Rio de Janeiro-based Vale is the world's largest iron ore producer and exporter.