IBRAM: Brazil's iron ore production to fall 20 percent in 2009

Brazil's iron ore production is expected to fall about 20 percent in 2009 from 2008, reported the Brazilian Institute of Mining (IBRAM) Wednesday.

"We believe we will finish the year with a reduction in production levels, in comparison with last year,” said IBRAM president Paulo Camilo Penna.

However, Penna said that the current forecast of a 20 percent year-over-year decrease is an improvement from the outlook seen earlier this year, noting, “It is a scenario much better than what we had in the first quarter.”