Mineradora Vale wants to expand its mines and Samarco should return in December
Brazilian iron ore miner Vale is submitting a proposal this month to the board for expansion at the Northern System mining complex. The mining company expects to restart operations at the Samarco complex in December, say executives this Thursday (30). Speaking to analysts following the announcement of the company's second-quarter results, executives struck an upbeat tone, saying it was the only miner capable of delivering 100m tonnes of additional iron ore production to meet strong demand from China for the main steelmaking ingredient.
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Mineradora Vale plans to produce 400 million tons per year together with Samarco
Undeniably, Vale plans to produce 400 million tons per year by the end of 2022, a target initially set for last year and delayed after the explosion of a dam owned by the company in January 2019. The accident ended up killing 270 people and forcing the closure of mines.
Miner Vale has hit a new record for iron ore production at its main S11D complex in northern Brazil, an official says. She hopes that her complex in Itabira, in southeastern Brazil, still plagued with cases of the new coronavirus, resume full production in 2021.
Vale has also issued some notices to investors
Furthermore, the pandemic in mining is expected to hit iron ore production by 10m tonnes in 2020, executives say. Additional provisions are also expected on the New Caledonian nickel project, currently under construction. Also, they said, Samarco's restart in mining could take a while. Which means operations will resume in early 2021.
Finally, on Wednesday night, the mining company Vale announced that it was resuming the payment of dividends, interrupted after the dam burst in the Brazilian city of Brumadinho-MG last year.
