CVRD plans $6.2 billion investment

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.