NEWS
MINERALS   Iron Ore  

Vale holds talks to expand world's biggest open-pit iron mine

Vale SA is holding talks with Brazilian officials about expanding the world’s largest open pit iron-ore mine to meet growing Chinese demand for the high-grade ore.

The Rio de Janeiro-based company recently sat down with regulators to discuss expanding its $14 billion mine located in the Amazon rainforest, which hasn’t even reached capacity yet. At the meeting, Vale mentioned the possibility of increasing ore-processing infrastructure and the railway that hauls the steel-making ingredient to port, Brazil’s federal environmental agency Ibama said in an email.

Vale is looking to shore up its position as the world’s leading producer of better quality ore just as Chinese steelmakers look to improve efficiency, reduce emissions, and comply with stricter environmental restrictions.

Vale’s initial plan had been to reach the mine’s peak capacity and then stay at that level, but demand for S11D’s ore might present an offer that can’t be refused. During a recent earnings call, Vale Chief Executive Officer Fabio Schvartsman said the company was mulling an expansion that, if approved, would have “minimal” costs and be done “in a very short period of time.” Schvartsman said Vale would let the market know its plans in December.

Vale declined to provide additional comment. Ibama didn’t say how long it would take to analyze or approve an expansion at S11D if the company submits a formal request.

Touted as the industry’s biggest project, S11D began shipments in 2017 and produced about 22 million tons in its first year.

Prices for higher grade ore with fewer impurities have soared above benchmark prices, and with S11D ramping up, nearly 80 percent of Vale’s sales are now considered premium products. The miner is also blending high-grade ore with lower quality material as a way of boosting revenue.

News No: 2620
Date: 2018/11/15 - 18:31
News Source: MINING.COM

iron mine  Vale SA  Brazilian  iron ore 

Comments:

Leave a Comment:

   
   
   
 

Iron Ore Prices Seen Stagnant on Rising Supplies, Asia Demand to Support

New Delhi – Global iron ore prices are seen stagnating in the next few years on excessive supplies and slowing Chinese demand, yet a strong growth elsewhere in Asia is expected to keep prices supported and trade booming.
 

Canada: Iron Ore Exports Down 21% in Nov'18

Trade statistics released by Canada custom shows that the iron ore exports by the country recorded at 4.01 MnT in Nov'18. The exports depicted fall of 21% as compared to Oct'18 exports at 5.1 MnT. On yearly basis exports witnessed a fall of 4% as against 4.16 MnT in Nov'17.
 

Infograph: Brazil Iron Ore and Pellet Export in 2018 Vs 2017

World's second largest exporter of Iron ore - Brazil, increased its iron ore exports in CY'18 by 3% to 394 MnT as against 384 MnT in CY'17 for the 6th consecutive year in 2018.
 

Iran to Open New Steel Mill

A new steel ingot production unit will open in the city of Sirjan, Iran’s province of Kerman, in early February, an Iranian lawmaker said, adding that the opening ceremony will be attended by First Vice-President Es’haq Jahangiri.
 

Brazilian general with mining ties to solve industry-indigenous disputes

A retired Brazilian Army officer who recently advised Canadian miner Belo Sun (TSX: BSX) about its plans to mine gold in the Amazon, will head the country’s Indigenous Rights Agency (Funai) aiming at using his experience in the sector to deal with hundreds of impending clashes between miners and locals.
 

Indian Sponge Makers Prefers Iron ore Over Pellets

Amid significant fall in domestic Iron ore prices, the sponge manufacturers in Central, East & Southern India are shifting their interest towards Iron ore rather than pellets.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners