Santiago, Chile-based CAP S.A. announced Friday plans to increase its annual iron ore production to approximately 40 million metric tons (mt) by 2020.
CAP S.A. President Roberto de Andraca told Dow Jones Newswires that the company is already ramping up its iron ore production by nearly 50 percent, to 18 million mt annually, by the end of 2013, with the help of a US$1 billion investment.
According to Andraca, CAP S.A. believes "there is an incredible appetite for iron ore," which could lead the company to invest an additional $2 billion to $3 billion to get to 40 million tons, although there is no "official" investment figure quite yet.