Brazil’s Vale plans to increase iron production to 320 million tons in 2023

Brazilian miner Vale, the world’s largest iron ore producer, and exporter, plans to manufacture between 310 and 320 million tons of iron ore in 2023, surpassing the 310 million tons forecast for this year, the company announced today,

In an online event with investors, Vale announced a forecast to produce between 340 and 360 million tons of iron in 2026 and exceed 360 million tons in 2030.

For its part, the production of iron balls in 2023 was estimated to be between 36 and 40 million tons, higher than the 33 million expected for this year.

Vale also predicted a nickel production of between 160 and 175 million tons next year, lower than the 180 million tons forecast for 2022, while copper production is estimated to be between 335,000 and 370,000 tons, much higher than the 260,000 tons forecast for this year.

The Brazilian miner plans to invest up to $6 billion next year, compared to the US$5.5 billion invested in 2022.

The average investment forecast between 2024 and 2027 will be between US$6 billion and US$6.5 billion.

Vale also reported that it allocated US$2.8 billion this year to deal with the catastrophes that occurred in Brumadinho and Mariana, when two of the company’s mining waste deposits ruptured and caused the two worst environmental tragedies in Brazil’s history, leaving hundreds dead and contaminating an extensive area of land.

By 2023, the mining company will allocate US$3.9 billion to meet its obligations in both disasters and will reduce the figure to US$2.9 billion in 2024 and US$1.8 billion in 2025 and 2026.