Brazil’s Vale iron ore output to reach 310-320 mln tns in 2023

Brazilian miner Vale SA said on Wednesday it expects to produce between 310 million and 320 million tonnes of iron ore in 2023, against an output of about 310 million tonnes this year.

The mining giant added in a securities filing that its capital expenditure (capex) is set to reach $6.0 billion next year, up from $5.5 billion in 2022, and average $6.0-6.5billion per year between 2024 and 2027.

The fresh forecasts came as Vale holds an investor day in New York on Wednesday.

The company also said it sees its iron ore production growing in the coming years to reach 340-360 million tonnes in 2026 and more than 360 million tonnes from 2030 onwards.
Source: Reuters (Reporting by Gabriel Araujo; Editing by Steven Grattan)