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.