Hong Kong — MININGREVIEW.COM — 18 January 2011 – Brazilian mining giant Vale SA says it expects its total international iron ore production to rise 50% by 2015.
So said Vale Minerals China president Luiz Meriz in an address to a financial forum here. He added that Vale was making large investments to increase iron ore production in order to satisfy growing Chinese demand.
“We expect production to increase 50% by the year 2015 when we should be producing about 450Mt of very high quality iron ore,” he said, adding that basically all additional production was likely to serve the Chinese market.
The iron ore producer aims to step up its investor profile in Asia following its debut on the Hong Kong stock exchange in December. Vale is also listed on the New York Stock Exchange, Euronext Paris and the Brazilian BM&F.
Meriz said that with the majority of Vale’s reserves located far from Asia, the mining giant was placing an increasing emphasis on logistics.
“Vale is building a big fleet of more than 20 vessels with a capacity of 400 000t, and they will operate on a regular schedule from Brazil to China,” he revealed.