CVRD plans $6.2 billion investment
Brazil's CVRD announced that the company will increase its
iron ore sales to
China by 5 million tons in 2005, bringing the total to 35 million tons.
Company officials also hinted that they might increase shipments even further.
To meet rising demand from countries like
China, the world's largest
iron ore producer is ready to shell out $6.2 billion over the next five years in order to up its annual
iron ore production capacity to 140 million tons.
China is expected to import 240 million tons of
iron ore in 2005.