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.


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