Vale to limit iron ore production to 400 million mt per year

Monday, 27 August 2018 23:20:34 (GMT+3)   |   Sao Paulo
       

Brazilian miner and iron ore producer Vale told local newspaper Estado de S. Paulo it will limit iron ore production to 400 million mt/year. Vale has a 450 million mt/year iron ore capacity.

Vale CEO Fabio Schvartsman told the newspaper the company aims to give investors “security and predictability,” adding that Vale plans to buy back $1 billion in stocks.

As a result of the new iron ore production “limit,” Vale would adopt a less aggressive investment policy, the paper noted.


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