Vale to achieve production volumes of 360 million tons of iron ore per year by 2030

The Brazilian corporation Vale, one of the largest producers of iron ore in the world, plans to achieve production of iron ore at the level of more than 360 million tons per year by 2030. SteelOrbis reported about it with the reference to company’s data.

Vale expects to extract 310 million tons of iron ore in 2022, 310-320 million tons in 2023, and 340-360 million tons in 2026.

The production of iron ore pellets in 2022 will be approximately 33 million tons. In 2023, the production of 36-40 million tons of iron ore pellets is forecast, in 2026 – 50-55 million tons, and 100 million tons from 2030.

The company also calculated its own iron ore mining costs, which are forecast at $19.5-20/t in 2022 and $20-21/t in 2023.

As GMK Center reported earlier, in January-August 2022, Vale reduced exports of iron ore by 17.3% compared to the same period in 2021 – to 147.1 million tons. In August, the company exported 23.99 million tons of iron ore, which is 7.8% more than in July, and 14.6 % less compared to August 2021.

Vale is one of the three largest mining companies in the world. In 2021, the company increased production of iron ore by 5.1% compared to 2020 – up to 315.6 million tons. Sales of iron ore increased by 8.9% y/y – up to 277.5 million tons.

In 2022, Vale intends to start producing iron ore at the level of 310-320 million tons per year and produce 34-38 million tons of pellets. At the beginning of the year, the company planned to extract at least 400 million tons of iron ore.