The planned 2022 run-rate will compare to the company's expected production this year of 310 million mt of iron ore, which will be at the lower end of its 2020 guidance, the company's Executive Director for Ferrous Minerals Marcello Spinelli told analysts on a call to discuss the company's Q2 results.
Vale's H1 output of 127 million mt of iron ore is to be followed by 183 million mt output in the second half, he said.
"We will be bringing 50 million mt to the market in the second half," Spinelli said, noting that Vale is the only miner which will be able to bring back almost 100 million mt of iron ore onto the market within the next two years, and doesn't have any major restrictions on bringing capacity back. However, some medium-term losses in market supply are still seen, he said.
