CVRD conducts feasibility studies in Southern Range mine
In a recent statement, Companhia Vale do Rio Doce (CVRD) announced that it wants to clarify certain press releases with respect to an investment in a new iron ore mine in Southern Range, State of Para, Brazil. CVRD announced that it only conducted feasibility studies on the mine to increase the production capacity of the mine in order to ensure iron ore supply. Moreover, the company officials announced that an investment project for the mine has not been submitted to the company's board. CVRD is currently investing $800 million to increase its iron ore capacity for the purpose of meeting demand for the subject raw material. As previously reported by SteelOrbis, CVRD has long-term iron ore contracts with many major steel producers in the world.