The Brazilian mining giant is accelerating production, posting its best December in five years, after investing in its prized Amazonian operations and improving performance at its older mines in the country’s southeast. Production was up from both a year ago and the previous three months, with full-year output ahead of guidance.
The bumper haul may generate some headwinds for the iron ore market, which has been relatively resilient to a slowdown in China, the biggest buyer. Prices have rallied by more than a third since mid-August, leading some analysts to forecast a decline in 2024. Still, top producer Rio Tinto sees increased stimulus fuelling a gradual recovery in China.
