Brazilian mining giant Vale SA said on September 16 that it plans to lift iron ore production capacity to 450 million tonnes per annum (Mtpa) in the future.
The company now has a capacity of 318 Mtpa. In 2018, Vale mined 384.6 million tonnes of iron ore, slightly lower than the target of 390 million tonnes.
Last year, Vale saw a 21.5% year-on-year decline in iron ore output to 302 million tonnes, as Brumadinho dam collapse and abnormal rainy weather in the first half year interrupted operations at some operations.
Vale has been working to return to pre-coronavirus operation levels. In July, it exported 33.40 million tonnes of iron ore, jumping nearly 60% from May. Its production target for 2020 is 310-330 million tonnes.
According to previous report by Reuters, the board of Vale has approved the Serra Sul 120 expansion project with $1.5 billion investment.
The project will be put into operation by the first half of 2024, and the annual output of North System in Para State will be increased by 20 million tonnes to 260 million tonnes.
(Writing by Tammy Yang Editing by Harry Huo)
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