Brazil's Vale To Develop Two Key Iron Ore Deposits
Source : Automated Trader
Date : 20th July, 2010
RIO DE JANEIRO - Brazilian mining giant Vale SA expects to start producing at its huge Serra Sul iron ore deposit at Carajas, in northern Brazil, in 2014 or 2015, and expects to be developing its newly acquired Simandou project in Guinea at the same time, Vale Sales Director for the Americas Claudio Alves said Tuesday.
Serra Sul, with 90 million metric tons a year capacity, will nearly double Vale's current Carajas iron ore mine capacity, Alves told a steel industry congress in Rio de Janeiro. Meanwhile, Vale's Simandou project in the African nation of Guinea should have a production capacity of 50 million tons a year, he said.
Output levels from the two new mines will be adapted to market conditions at the time of start up, Alves said.
"We have an extremely positive vision of the market," Alves told reporters during the event. "There's room for both Serra Sul and Simandou, which are both extremely competitive projects."
Vale is currently producing at its full iron ore production capacity of a little more than 300 million tons a year of ore. Its capacity will rise marginally in 2011 with a small expansion at its existing mine in Carajas, Alves said.
"Iron ore prices are still at a competitive level for Vale," Alves said.
"Prices have fallen back a bit but should settle in the third quarter and rise again in the fourth as Chinese demand continues growing," he said.
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