Vale holds talks to expand world’s biggest open-pit iron mine
While the project known as S11D isn’t scheduled to hit its 90-million-ton capacity until 2020, China’s appetite for the mine’s low-cost, high-grade ore continues to grow.
While the project known as S11D isn’t scheduled to hit its 90-million-ton capacity until 2020, China’s appetite for the mine’s low-cost, high-grade ore continues to grow.
Cavalcanti joins Samarco as it attempts to renegotiate billions of dollars in debt with creditors and restart operations after a tailing dam burst in 2015, killing 19 people.
The state-owned metals and mineral trading firm also signed a 2,400 tonne nickel briquette purchase agreement with Japan's Sumitomo Corp.
Emirates Steel requires inputs of around 6 million tonnes of iron ore pellets per year.
What will define Chinese demand for iron ore is continued urbanization, infrastructure investments, auto production.
The Valentine Lake project is made up of four open-pittable deposits: Marathon, Leprechaun, Victory and Sprite, but Marathon and Leprechaun contain the vast majority of the gold.
Brazil's Vale, the world's largest iron ore producer, is seeking out small high-return acquisitions that are related to the miner's current assets.
Brazil's Vale SA , the world's largest iron ore producer, on Wednesday posted $1.408 billion in third-quarter net income, below the 2.23 billion a year-ago.
Previ intends to reduce its stake in the miner over the medium-term.
Samarco, a joint mining venture between Brazil's Vale and BHP Billiton, could resume production at a third of its capacity at the beginning of 2020.