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Vale to produce up to 335 million tons of iron ore in 2025
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Vale to produce up to 335 million tons of iron ore in 2025
Dec 3, 2024 5:37 AM

SAO PAULO, Dec 3 (Reuters) - Brazilian miner Vale

said on Tuesday it expects to produce between 325

million and 335 million metric tons of iron ore in 2025,

following an output of about 328 million tons this year.

Vale, one of the world's largest iron ore producers,

released the estimates ahead of an investor day in New York,

where executives are expected to detail the forecasts and

comment on the firm's strategic plans.

The Brazilian company reiterated it expects to keep

increasing iron ore output in the coming years, estimating it to

reach between 340 million and 360 million tons in 2026 and about

360 million tons in 2030.

Vale said it has started commissioning the so-called

Capanema project at its Mariana complex, aiming to add about 15

million tons per year of iron ore, "an important milestone

towards achieving the iron ore production guidance in 2026."

The 2024 production figure came in within Vale's previously

announced

forecast

of 323 million to 330 million tons.

The company also said it expects to produce 340,000 to

370,000 tons of copper in 2025, after output of about 345,000

tons this year.

Vale's chief executive Gustavo Pimenta took office in

October pledging to

boost copper production

, conceding the Brazilian company had lost ground to

competitors in output of the key industrial metal.

Vale's copper production is expected to reach 350,000 to

380,000 tons in 2026, 420,000 to 500,000 tons in 2030, and about

700,000 tons in 2035.

Nickel production, meanwhile, is seen rising from around

160,000 tons this year to a range of 160,000 to 175,000 tons

next year, 175,000 to 210,000 tons in 2026, and 210,000 to

250,000 tons in 2030, Vale added in a securities filing.

The mining giant also said its sees its capital expenditure

(CAPEX) totaling about $6.1 billion this year and around $6.5

billion in 2025 and beyond.

(Reporting by Gabriel Araujo; Editing by Andrew Heavens, Louise

Heavens and Chizu Nomiyama )

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