Brazilian mining giant Vale expects to increase iron ore production in 2025, while it is sees its 2024 output within the previously estimated range.
The company now expects to produce approximately 328mn metric tonnes (t) of iron ore in 2024, within the 323mn-330mt t previously estimated, it said on Tuesday.
The miner projected 2025 iron ore output at 325mn-335mn t and lifted guidance to 340mn-360mn t for 2026. Vale maintained production guidance for iron ore by 2030 at around 360mn t.
Vale's iron ore content will stay at 62.3pc in 2024, it said, adding it expects this level to slightly increase in 2025 to 62.5pc, reaching 63pc in 2026. For 2030, the content is expect to be at between 63-64pc.
The company expects iron ore production from reused tailings of approximately 10mn t in 2024, then falling off none in 2025-2026.
Vale said it expects its premium iron ore and pellet feed products to increase their stake at the company's portfolio, reaching approximately 70pc in 2026.
