Venezuela's iron ore production totaled 17 million metric tons in 2011, increasing by 21 percent year on year, according to local media resources.
Radwan Sabbagh, president of Venezuela's largest iron ore producer, state-owned Ferrominera Orinoco (FMO), said, "We are celebrating this significant achievement with the productive recovery of our company. Our goal is to produce 20 million tons in 2012."
However, local media also noted that the figure is still far from the installed capacity of 25 million mt per year. The aluminum and steel industries in Venezuela are producing below capacity, as a result of a divestment process and the lack of technological adequacy, along with a serious electricity crisis which has not been overcome yet and which led to power rationing in 2010.