Vale on track to stabilize iron ore output

Wednesday, 04 November 2020 01:27:07 (GMT+3)   |   Sao Paulo

Brazilian miner and iron ore producer Vale is on track to stabilizing its iron ore output, a top executive said. Vale’s CEO, Eduardo Bartolomeo, said Vale should reach its 400 million mt iron ore output target by 2022.

Vale expects to reach an iron ore production capacity of 310 million mt this year. Vale also said it reduced its Capex spending estimate from $4.6 billion to $4.2 billion.

Vale saw its net profit in Q3 this year increase 75.8 percent, year-over-year, and 192.2 percent, quarter-over-quarter, to $2.90 billion.

Most Recent Related Articles

Brazilian court allows logistics company to resume transport of Vale’s iron ore

Vale to report strong results in 2021 despite limited output

Minas Gerais state expects Vale to pay $5.2 billion to settle Brumadinho disaster

Analysts expect Vale to pay large dividends after Samarco restart

Gerdau experiments with natural gas-fueled truck at its Varzea do Lopes iron ore mine