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Iron ore price surges on Vale’s 2021 production outlook – MINING.COM – MINING.com
Vale reported 4Q20 output of 84.5 million tonnes, a 5% decline from the third quarter.
But the production recovery is taking longer than anticipated, as Vale navigates legal and pandemic obstacles. That helped fuel last years price rally that pushed up earnings.
The company posted its iron ore fines production, down 0.5% on the year to around 300.4 million tonnes for 2020, below its original production guidance at 310-330 million tonnes.
The Brazilian miner expects to achieve 350 million tonnes capacity by the end of 2021, with production guidance of 335 million tonnes.
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