Brazilian mining giant Vale is maintaining its iron ore production target of about 310 million tonnes this year, said CFO Luciano Siani Pires.
He said China's strong demand could continue to drive up Brail's iron ore exports. "China is producing more than 3 million tonnes of steel per day for the past two months. Demand is very strong now," he said in in an interview with Bloomberg Television.
Brazil's iron ore exports hit the highest since 2015 in September.
Vale is aimed at expecting its iron ore production capacity from current 318 million tonnes per year to 4 million tonnes. Its capacity had reached 385 million tonnes in 2018 before the dam collapse of Brumadinho.
Vale has struck a deal with Chinese state-owned port operator Ningbo Zhoushan Port to expand iron ore handling capacity in a way to increase market share in China. The two parts will build a joint venture, known as the West III Project, at Shulanghu Port, with equal stake shared by both parts.
Vale's participation in the project will increase its annual iron ore capacity to a total of 40 million tonnes.
(Writing by Alex Guo Editing by Harry Huo)
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