In an interview with Sao Paulo-based Brazilian newspaper Estado, Jose Carlos Martins, the director of marketing, sales and strategy of Brazilian iron ore miner Vale, has stated that in the next five years the global iron ore mining industry will need to invest $100 billion in order to meet worldwide demand for this raw material.
Mr. Martins also stated that, in line with increased urbanization, Vale will need to invest $20 billion in the coming five years to expand its own iron ore output capacity, in order to meet demand from steel producers. He said that global iron ore demand is currently over 1.6 billion mt and will increase to approximately 2.2 billion mt by 2020.