July 28,
Brazil’s Government expects production of Iron ore to more than double by 2030 to reach 1 billion tonnes per year, a Government mining official said on July 27, spurred by strong demand from China.
Brazil is home to some of the world’s largest reserves of Iron ore and the world’s largest Iron ore miner, Vale.
A Government plan that will be officially released in August shows production rising from current levels of between 380 million and 400 million tonnes per year to 585 million tonnes in 2015 and 785 million tonnes in 2022, said Fernando Freitas Lins, Geology and Mining Secretary for the Mines and Energy Ministry.
“It’s closely linked to Chinese demand, it will depend on what China is doing at that point,” he said. “The expectation is that in the coming years, the majority will be sold to China.” Vale, which expects Iron production near 300 million tonnes this year, currently accounts for the vast majority of Brazil’s Iron exports. The study shows steel production will reach 103 million tonnes by 2030, which will provide around half the country’s demand at that point.
Source: Reuters
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