Vale CFO confirms iron ore production target

Vale (NYSE: VALE) is maintaining its production target of approximately 310 million tonnes of iron ore in 2020, chief financial officer Luciano Siani Pires said in an interview with Bloomberg Television.

In September, iron ore exports from Brazil hit its highest level since 2015.

“China is producing more than 3 million tonnes of steel a day, for the past 69 days. Demand is very strong now,” said Siani Pires.

Vale also expects to reach an iron ore capacity of 400 million tonnes per year by increasing output across its operations.

The company currently has the capacity to produce 318 million tonnes a year. In 2018, before the Brumadinho dam collapse, Vale produced 385 million tonnes.