Vale do Rio Doce, the world's biggest iron-ore producer, plans to spend $480 million in Peru to create one of South America's largest phosphate mines.The Bayovar project in Piura will open in July 2010 with an annual capacity of 3.9 million metric tons of phosphates to make fertilizers, possibly at the same site, Tito Martins, Vale's director of non-ferrous metals and energy.Garcia is seeking to attract more Brazilian investments to the Andean country in exchange for allowing companies such as Porto Alegre, Brazil-based Gerdau SA, which announced a $1.4 billion expansion of its Peruvian steelworks this week, to ship to Asian buyers through Peru's ports.
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